DP World lists sukuk, bonds worth $3.3B on Nasdaq Dubai
dubai — Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, rang the market-opening bell on Monday to celebrate the multi-currency listing on Nasdaq Dubai of 4 debt listings. They comprise a 10-year $1 billion sukuk and 3 conventional bonds of 30 years $1 billion, 8-year €750 million and 12-year £350 million respectively.
The 4 listings together amount to a value of about $3.3 billion. The deal sets new benchmarks for Middle East issuers.
Among other highlights, this deal marks the largest bonds issue from the Middle East since 2014 and is the first triple currency offering from a Middle East issuer in the past 12 years.
Bin Sulayem said: “We are delighted with the outcome of this funding exercise. The transaction was well received in the market with strong demand as evidenced in the attractive pricing. Furthermore, this multi-currency multitenor issue was a first for this region and importantly it has allowed us to capture new investors across different formats and currencies.”
The 4 listings, which took place on September 26, 2018, bring the total value of current debt listings by DP World on the region’s international exchange to $7.03 billion from 8 issuances, making the company Nasdaq Dubai’s largest UAE debt issuer by value.
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “DP World’s multiple debt listings in Dubai highlight the capacity of the emirate’s exchange infrastructure to support the capital-raising needs of substantial global companies. In particular, DP World’s sukuk listing advances the expansion of Dubai as the global capital of Islamic economy.”
Hamed Ali, chief executive of Nasdaq Dubai, said: “Nasdaq Dubai is delighted to welcome DP World today as the first issuer to celebrate its listings at our new MarketSite event platform and media space, which is purpose-built to provide companies and other entities with a high public profile and global visibility. We look forward to welcoming many more regional and international issuers to MarketSite to celebrate their listings.”
DP World’s latest sukuk listing underlines Dubai’s role as the largest global centre for sukuk listings by nominal value, currently totalling $60.4 billion.