New Issue: Dubai’s DP World prices $1.2 billion seven-year sukuk at 237.5 bps over mid-swaps

By Christine Van Dusen

Atlanta, May 26 – Dubai’s DP World Ltd. priced a $1.2 billion issue of 3.908% seven-year trust certificates at par to yield 3.908%, or 237.5 basis points over mid-swaps, according to a market source and a company filing.

Citigroup, Deutsche Bank, Dubai Islamic Bank, HSBC, Barclays, Emirates NBD Capital, First Gulf Bank, JPMorgan, National Bank of Abu Dhabi and Societe Generale CIB were the bookrunners for the Rule 144A and Regulation S sukuk, issued through DP World Crescent Ltd.

The proceeds will be used to fund a tender offer for the company’s sukuk due in 2017.

Dubai-based DP World is an operator and developer of international marine terminals and provides related services.

Issuer:	DP World Crescent Ltd.
Amount:	$1.2 billion
Maturity:	2023
Description:	Sukuk trust certificates
Bookrunners:	Citigroup, Deutsche Bank, Dubai Islamic Bank, HSBC, Barclays, Emirates NBD Capital, First Gulf Bank, JPMorgan, National Bank of Abu Dhabi, Societe Generale CIB
Coupon:	3.908%
Price:	Par
Yield:	3.908%
Spread:	Mid-swaps plus 237.5 bps
Trade date:	May 26
Settlement date:	May 31
Expected ratings:	Moody’s: Baa3
	Fitch: BBB-
Distribution:	Rule 144A/Regulation S

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