DP World lists $3.3b tenor bonds
Nasdaq Dubai now has a total of eight listings from the company valued at $7.03b
DP World listed its four multi-currency, tenor bonds, the first in the region, on Nasdaq Dubai, and its chairman ruled out the possibility of another bond issue in the near-term.
DP World listed 3 conventional bonds and a sukuk, whose total worth was $3.3 billion (Dh12.12 billion). They comprised 10-year $1 billion sukuk and three conventional bonds of $1 billion for 30 years, and €750 million (Dh3.1 billion) of eight years, and £350 million maturing in 12 years.
“The reflection from the market is very positive and we were over-subscribed three times with better pricing,” Sultan Ahmad Bin Sulayem, group chairman and CEO of DP World told reporters on the sidelines of the listing ceremony. When asked about the possibility of more listing, Bin Sulayem said: “So far this is what we need, and it will depend on the market [conditions].”
Usually DP World invests about $800 million-$1 billion each depending on market conditions. This money will be used “for general commitments next year. We will use some money in case if there is any good opportunity.”
With DP World’s bonds listing of $3.3 billion, Nasdaq Dubai now has eight listings from the company valued at $7.03 billion. It has $60.4 billion of sukuk on its platform.