Dubai's Department of Finance has hired Standard Chartered, HSBC and Deutsche Bank for a dollar-denominated bond sale, marking its first foray into the bond markets since it rocked investors by announcing a surprise debt standstill at its flagship corporation late last year.

The mandate underscores improving sentiment in the emirate, one of seven that make up the United Arab Emirates. Earlier this month, Dubai said it had won over 99% of creditors involved in debt-restructuring talks at Dubai World, its ports, financial and real estate conglomerate. It said a final restructuring deal could be inked within weeks.