Emirates National Securitisation Corporation's (Ensec) $4 billion Thor asset purchase deal has won the coveted ISR 2007 ‘Emerging Market – Deal of The Year' award in London.

The ISR awards are the ultimate recognition for achievement in structured finance.

Ensec, a Dubai-based specialised structuring and advisory boutique, received the award at the special ISR awards dinner fuction at London Hilton, Park Lane.

The Thor Deal is a securitisation funding programme extending utility cash flows for a Dubai government entity, said a top official.

"The iconic deal was the largest-ever securitisation funding programme implemented in the Middle East and the first for the utility receivables asset class," said Sandeep Chaudhry, CEO of Ensec.

"The ground-breaking Thor transaction offers Dubai government the opportunity to diversify its sources of funding with a new investor constituency. The deal has successfully achieved long tenors which are vital as both our client and the Dubai has some significant investment plans over the next few years," he added.

The event, attended by over 400 of the world’s most senior industry figures, was aimed at celebrating excellence and innovation in the securitisation field.

Marwan Abedin, director marketing & originations said the internationally-rated deal, the first future flow securitisation transaction backed by utility receivables, closed at attractive spreads "and reflects Dubai’s quality assets which meet the global investor demands."

"The first $1bn tranche of the deal was funded in August amidst liquidity crisis, with the A+ / AA-/ A1 rated privately placed notes. Further drawings are expected amidst the booming real estate and infrastructure development within Dubai," he added.-TradeArabia News Service