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Dubai-based port operator DP World’s $1.5 billion 10-year sukuk was priced at 145 basis points over US Treasuries, with a coupon rate of 5.5%.
Books were in excess of $3.3 billion, with the issue date for the 144A Reg S US dollar benchmark sukuk set for May 8, 2025.
DP World Crescent Limited is listed as the issuer, which operates as a special purpose entity for parent company, DP World Limited. According to LSEG data, DP World Crescent Limited has $5.5 billion in sukuk issued, with maturity beginning in 2028.
DP World, one of the largest logistics, marine and container terminal operators in the world, is owned by Government of Dubai and is rated Baa2 (stable) by Moody's and BBB+ (stable) by Fitch.
The latest issuance, to be listed on the London Stock Exchange and Nasdaq Dubai, will be under the DP World’s $7.5 million trust certificate issuance programme and will be a manafae structure, with the proceeds to be used for general corporate purposes.
Joint bookrunners are ADCB, Citi, Deutsche Bank, DIB, Emirates NBD, FAB, HSBC, JP Morgan, Mashreq, Société Generale and Standard Chartered Bank.
(Writing by Bindu Rai; editing by Brinda Darasha)
