By Rebecca Melvin
New York, Sept. 19 – Dubai’s DP World Ltd. priced $3.3 billion equivalent in four tranches of bonds in multiple currencies on Tuesday, according to syndicate sources.
The $1 billion 10-year sukuk, or Islamic bond, sold at par with a coupon of 4.848%, or a spread of mid-swaps plus 175 basis points. That was tight compared to price guidance provided during bookbuilding for a yield of mid-swaps plus 185 bps.
Order books were in excess of $2 billion for the sukuk.
There was also $1 billion of 5 5/8% 30-year notes that priced at 98.928 for a yield of 5.7%. That compared to price guidance for a yield of 5.75% to 5.8%.
The €750 million tranche of 2 3/8% eight-year notes priced at 99.089 to yield 2.502%, or a yield spread of mid-swaps plus 170 bps. That compared to guidance of mid-swaps plus 175 bps to 180 bps and initial talk at mid-swaps plus 185 bps. Orders stood at more than €950 million.
The £350 million 4½% 12-year notes priced at 98.897 for a yield spread of Gilts plus 270 bps, which compared to guidance of Gilts of 270 bps to 280 bps.
DP World also tendered for $413.46 million of a $650 million existing sukuk trust certificate due 2019.
Joint bookrunners for the sukuk and 30-year bonds were Barclays, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Societe Generale and Standard Chartered Bank.
For the eight-year notes, the joint lead managers were Barclays, Citigroup, HSBC and Societe Generale.
For the 12-year notes, the joint lead managers were Barclays, Citigroup and HSBC.
Dubai-based DP World is a logistic, marine and inland container terminal operator.
| Issuer: | DP World Ltd.
|
| Issue: | Notes
|
| Amount: | $3.3 billion equivalent
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 25
|
|
|
| 10-year sukuk
|
| Amount: | $1 billion
|
| Maturity: | Sept. 25, 2028
|
| Joint bookrunners: | Barclays, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Societe Generale and Standard Chartered Bank
|
| Co-managers: | Abu Dhabi Commercial Bank, Deutsche Bank AG, Noor Bank, Samba Financial Group, and Union National Bank
|
| Coupon: | 4.848%
|
| Price: | Par
|
| Spread: | Mid-swaps plus 175 bps
|
| Guidance: | Mid-swaps plus 185 bps
|
|
|
| 30-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 25, 2048
|
| Joint lead managers: | Barclays, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Societe Generale and Standard Chartered Bank
|
| Co-managers: | Abu Dhabi Commercial Bank, Deutsche Bank AG, Samba Financial Group and Union National Bank
|
| Coupon: | 5 5/8%
|
| Price: | 98.928
|
| Yield: | 5.7%
|
| Guidance: | 5.75% to 5.8%
|
|
|
| Eight-year notes
|
| Amount: | €750 million
|
| Maturity: | Sept. 25, 2026
|
| Joint lead managers: | Barclays, Citigroup, HSBC and Societe Generale
|
| Co-manager: | Deutsche Bank AG
|
| Coupon: | 2 3/8%
|
| Price: | 99.089
|
| Yield: | 2.502%
|
| Spread: | Mid-swaps plus 170 bps
|
| Guidance: | Mid-swaps 175-180 bps, tightened from initial talk at 185 bps
|
|
|
| 12-year notes
|
| Amount: | £350 million
|
| Term: | 12 years
|
| Joint lead managers: | Barclays, Citigroup and HSBC
|
| Co-manager: | Deutsche Bank AG
|
| Coupon: | 4½%
|
| Price: | 98.897
|
| Spread: | Gilts plus 270 bps
|
| Guidance: | Gilts plus 270-280 bps
|
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