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Dubai Aerospace Enterprise (DAE), an aircraft lessor and engineering company, has mandated a consortium of international and regional banks to arrange a series of fixed income investor calls starting Monday, 6 October 2025, to gauge interest in a potential benchmark fixed-rate US dollar-denominated 5-year senior unsecured sukuk issuance.
Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, and HSBC have been appointed as active bookrunners alongside Abu Dhabi Commercial Bank, Ajman Bank, Bank ABC, BNP Paribas, Crédit Agricole CIB, Dubai Islamic Bank, Fifth Third Securities, JP Morgan Securities plc, Mizuho, Natixis, and Truist Securities who are passive bookrunners or managers.
The issuance would be conducted under DAE Sukuk (DIFC) Ltd’s Trust Certificate Issuance Programme and is expected to be rated Baa2 by Moody’s and BBB by Fitch, in line with DAE’s ratings. The wakala/murabaha offering, structured under Rule 144A/Reg S format, will be launched subject to market conditions.
DAE, which is fully owned by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, has annual revenue of $1.7 billion and aircraft assets of $14.5 billion. It has total debt of $9.8 billion, according to investor documents.
(Writing by Brinda Darasha; editing by Seban Scaria)
