Monday, Jun 22, 2015
Dubai: Nasdaq Dubai said on Monday it has listed DP World’s $500 million (Dh1.84 billion) conventional bond, with Sultan Ahmad Bin Sulayem, the chairman of DP World, ringing the market-opening bell.
“Our bond issue was received positively by the market, being 6 times oversubscribed and sold to investors across the US, Europe and Middle East. Nasdaq Dubai’s world-class market infrastructure and international profile provide significant support for the issuance,” said Mohammed Sharaf, Group Chief Executive of DP World in a statement.
The $500 million conventional bond is the third debt issuance that has been listed by DP World on Nasdaq Dubai, following a $1.5 billion Sukuk and a $1.75 billion conventional bond that both listed in 2007. DP World listed its shares on the exchange in the same year.
“The exchange will maintain its strategy of increasing critical mass in the debt capital markets as well as promoting other asset classes. Through its commitment to innovation and best practice, Nasdaq Dubai is an efficient platform for issuers to raise capital and investors to benefit from exciting opportunities,” Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai said.
The listing by the global ports operator underlines Dubai’s expansion as an international centre for debt capital markets. The total nominal value “As we further develop our regional and international issuer base across a range of sectors, we will continually enhance our listing processes to respond flexibly to the evolving needs of market participants. We will also strengthen our post-listing services on behalf of DP World and other issuers, as well as investors,” Hamed Ali, Chief Executive of Nasdaq Dubai, said.
By Siddesh Suresh Mayenkar, Staff Reporter
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