UAE's DB World issues talk on $2 billion 10-, 30-year bond offerings

By Reshmi Basu

New York, June 19 - DB World Ltd. (A1/A+) set preliminary price guidance for its two-part bond offering, which includes a $1 billion tranche of dollar-denominated 10-year Sukuk bonds and a $1 billion tranche of 30-year conventional bonds, according to a market source.

Guidance for the 10-year Sukuk bonds has been set at Treasuries plus 115 to 120 basis points while the 30-year bonds have been talked at the Treasuries plus 50 bps area.

Bookrunners for the 10-year Sukuk bonds are Barclays, Citigroup, Deutsche Bank and Dubai Islamic Bank.

Bookrunners for the 30-year conventional bonds are Barclays, Citigroup, Deutsche Bank and Lehman Brothers.

The Dubai, United Arab Emirates-based port operator is entirely, but indirectly, owned by the government.

Pricing is expected to take place this week.

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