DEWA sukuk lists for $1 billion

The value of sukuk listed in Dubai bourses rose to $10.173 billion
DEWA sukuk lists for $1 billion
By Courtney Trenwith
Tue 12 Mar 2013 11:29 AM

Dubai Electricity and Water Authority (DEWA) has listed its planned $1 billion sukuk, or Islamic bond, on Nasdaq Dubai, according to the state news agency WAM.

The sukuk, DEWA's first global debt market outing since 2010, has raised more than expected, with WAM claiming regional and global investors had reacted positively, leading to an increase in the value of sukuk listed on Nasdaq to $6.24 billion, while the value of sukuk listed in Dubai bourses rose to $10.173 billion.

Two weeks before the launch, arranging banks said order books had hit US$5.5bn, while regional traders said the paper was already trading up in the grey market.

The state utility, rated BBB, had sought a profit of about 3 percent.

The proceeds from the five-year deal will be used to refinance existing maturities as well as for new projects.

Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank are mandated joint book runners on the deal.

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Last Updated: Thu 26 Jan 2017 01:27 PM GST

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