DP World named Nasdaq Dubai's biggest debt issuer

Dubai port operator has eight issuances valued at more than $7bn following more new listings
DP World named Nasdaq Dubai's biggest debt issuer
The four listings bring the total value of current debt listings by DP World on the region’s international exchange to $7.03 billion from eight issuances.
By Sam Bridge
Wed 14 Nov 2018 02:00 PM

Port operator DP World has been named Nasdaq Dubai’s largest UAE debt issuer by value with eight issuances valued at more than $7 billion.

Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, rang the market-opening bell to celebrate the multi-currency listing on Nasdaq Dubai of four new debt listings.

They comprise a 10 year $1 billion US dollar sukuk and three conventional bonds of 30 years of $1 billion, 8 years 750 million Euros, and 12 years £350 million respectively.

The four listings together amount to a value of about $3.3 billion.

The 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.

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 multi-tenor issue was a first for this region and importantly it has allowed us to capture new investors across different formats and currencies.”

The four listings bring the total value of current debt listings by DP World on the region’s international exchange to $7.03 billion from eight 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 under the initiative launched by Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.”

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.

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