DP World eyes new 10-year dollar sukuk, possible 30-year dollar bond

By Rebecca Melvin

New York, Sept. 10 – Dubai’s DP World Ltd. and DP World Crescent Ltd. have selected banks and set fixed-income investor meetings regarding a planned 10-year dollar-denominated sukuk certificate under Regulation S and Rule 144A. It is also making a tender offer for an existing $650 million of sukuk trust certificates due 2019.

In addition, DP World has selected banks to market a possible 30-year benchmark Regulation S and Rule 144A dollar bond under its $5 billion GMTN program.

Barclays, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, Societe Generale and Standard Chartered Bank have been mandated as joint bookrunners for the new sukuk, and roadshow meetings are slated to be held in London and continental Europe beginning on Wednesday.

The cash tender, which is contingent upon successful completion of the new certificates, is being led by dealer managers Citigroup, First Abu Dhabi Bank and HSBC, and co-lead managers Abu Dhabi Commercial Bank, Dubai Islamic Bank and Emirates NBD.

Barclays, Citigroup, HSBC and Societe Generale will be arranging meetings with investors regarding the possible 30-year bond.

Dubai-based DP World is a logistic, marine and inland container terminal operator.

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