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| 18 September, 2018

Dubai's DP World to issue more than $3.3bln of multi-currency bonds

The company will issue $1 billion in 10-year sukuk

Image used for illustrative purpose. 
DP World increases stake in Embraport in Santos, Brazil

Image used for illustrative purpose. DP World increases stake in Embraport in Santos, Brazil

DP World/Handout via Thomson Reuters Zawya

DUBAI: Dubai port operator DP World is to issue more than $3.3 billion in bonds divided across different currencies and formats, according to bank documents seen by Reuters.

The company will issue $1 billion in 10-year sukuk, or Islamic bonds, offering 175 basis points over mid-swaps. It is also selling $1 billion in 30-year conventional bonds, with a yield set at 5.7 percent.

In addition to the dollar-denominated deals, the Dubai logistics company is selling a 750 million euro ($878 million)eight-year bond and a 350 million pound ($461 million) bond with a 12-year maturity. ($1 = 0.8543 euros) ($1 = 0.7596 pounds)

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(Reporting by Davide Barbuscia Editing by David Goodman) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))