Dubai - Mubasher: DP World is expected to sell perpetual Sukuk of $1.5 billion at 6.125%, Reuters reported, citing a document published on Wednesday, 24 June.
DP World has set the price guidance after it began marketing the Sukuk, which are non-callable for five-and-a-half years, at 6.625%.
Citi, Deutsche Bank, and JPMorgan have arranged investor calls in Asia, the Middle East, and Europe for the issuance of the perpetual US dollar-denominated Sukuk.
Dubai Islamic Bank (DIB), Emirates NBD Capital, First Abu Dhabi Bank (FAB), HSBC, Crédit Agricole, Samba Financial Group, Scotiabank, and Standard Chartered Bank were hired for the deal.
It is noteworthy to mention that Moody's Investors Service (Moody's) has assigned DP World's proposed subordinated perpetual notes the 'Ba2' rating, two notches below DP World's Baa3 senior unsecured and issuer rating.