IPTs out for DP World's 10-year US dollar benchmark sukuk
Books are in excess of $3 billion, inclusive of $151 joint lead manager interest.
The issue date for the sukuk is May 8, 2025.
The issuer is DP World Crescent Limited, which operates as a special purpose entity for parent company, DP World Limited. DP World Crescent Limited has $5.5 billion in sukuk issued, with maturity beginning in 2028.
DP World, one of the largest logistics, marine and container terminal operators in the world, is owned by Government of Dubai and is rated Baa2 (stable) by Moody's and BBB+ (stable) by Fitch.
The latest issuance, to be listed on London Stock Exchange and Nasdaq Dubai, will be under the DP World's $7.5 million trust certificate issuance programme and will be a manafae structure, with the proceeds to be used for general corporate purposes.
Joint bookrunners are ADCB, Citi, Deutsche Bank, DIB, Emirates NBD, FAB, HSBC, JP Morgan, Mashreq, Société Generale and Standard Chartered Bank.
(Writing by Bindu Rai; editing by Seban Scaria)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
2 days ago
- Al Etihad
Stock dip, US yields fall as markets brace for big week for trade, geopolitics
11 Aug 2025 20:00 NEW YORK/LONDON (REUTERS)Global equity markets edged lower in a choppy session while long-dated US Treasuries fell on Monday, as investors braced for a week packed with closely-watched developments on trade and geopolitics in addition to key US economic data.A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine Wall Street, the benchmark S&P 500 index and the Dow were trading slightly lower, while the Nasdaq was down. Energy and materials stocks were driving losses while healthcare and consumer discretionary shares were making Dow Jones Industrial Average fell 0.33%, the S&P 500 fell 0.02% to 6,390.92 and the Nasdaq Composite rose 0.11%.In Europe, the STOXX 600 index fell 0.07%. MSCI's gauge of stocks across the globe was down 0.11% to 940.16, trading near its all-time record high reached in main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3% to an annual pace of 3% and away from the Federal Reserve target of 2%.The yield on benchmark US 10-year notes fell 1 basis point to 4.273%, while the 30-year bond yield fell 1.7 basis points to 4.8373%.The dollar strengthened 0.2% to 148.01 against the Japanese yen and was up 0.59% to 0.813 against the Swiss franc . The euro was down 0.32% against the dollar at $1.1602. The dollar index rose 0.37% to Australian dollar eased 0.26% to $0.6507 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation prices fell 1.53% to $3,346/58 an ounce after wild swings last week on reports that the US would slap 39% tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's prices edged lower as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent fell 0.26% to $66.42 a barrel, while US crude dropped 0.17% to $63.77.
Gulf Today
2 days ago
- Gulf Today
Emirates NBD's zero-fee local equities trading reports more than Dhs5 billion in customer trades
Emirates NBD is marking a year since the launch of its groundbreaking zero-transaction-fee initiative for trading local equities via its award-winning digital wealth platform, accessible through ENBD X. Launched on 26 August 2024, the offering has significantly increased access to local markets, empowering investors to trade UAE-listed equities commission-free. The impact of the zero-transaction-fee initiative has been significant: • More than 300,000 commission-free trades executed on the Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX) and Nasdaq Dubai • Strong investor confidence and uptake with Dhs 5 billion in total trade volume • Access to over 150 UAE-listed equities for trade via ENBD X The bank continues to enhance its mobile banking app ENBD X that integrates banking, investment and advisory services into one seamless experience. ENBD X allows customers to conveniently invest in real-time on DFM, ADX and Nasdaq Dubai, offering customisable price alerts functionality. This helps investors to stay updated and respond promptly to market movements and opportunities. Investors experience a fully digital and instantly onboarding process. In addition to boosting economic growth in the country, this initiative aligns with the UAE's 'We the UAE 2031' national strategy to enhance financial inclusion and deepen capital market development. Emirates NBD continues to reinforce the nation's position as an innovative investment hub. Through the zero-transaction-fee initiative, ENBD X is democratising wealth creation by removing barriers to entry and empowering first-time investors, young professionals and everyday savers to build long-term wealth and participate in the UAE's financial future. Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said, 'We are pleased to see an outstanding response to the zero-transaction-fee trading initiative that we launched on our digital wealth platforms, accessible via ENBD X. One year on, our customers have embraced purposeful investment by investing in local equities. As a leading national bank, we are proud to transform how people invest, by providing an inclusive, accessible, transparent and affordable platform, while also supporting local businesses. This has contributed profoundly to the long-term growth of the UAE economy in line with the vision of our wise leadership.' In the previous year, Emirates NBD announced the launch of fractional bonds on the ENBD X platform, marking a pivotal moment in its journey towards increasing access to financial markets. WAM
Gulf Business
5 days ago
- Gulf Business
DP World expands vehicle capacity at Jebel Ali to meet surging demand
Image: Supplied The upgrade adds 13,000 car equivalent units (CEUs), increasing total storage capacity at the port to 75,000 CEUs. The move strengthens Dubai's role as the region's top automotive trade hub. The expansion also includes an 800-metre quay, capable of handling three roll-on/roll-off (RoRo) vessels at the same time. RoRo operations have now been relocated from Terminal 1 to the newly designated area in Terminal 4, a shift aimed at improving berth availability, reducing turnaround times and creating more operational space across the port. 'Dubai is scaling up its role as a global automotive trade hub and this expansion gives car manufacturers, dealers, and logistics providers faster, more reliable access to key markets across the Middle East, Africa, and beyond,' said Abdulla Bin Damithan, CEO and MD, DP World GCC. Read: 'This is a customer focused investment. More yard space, quicker service and reliable berth availability are all designed to help the automotive supply chain grow,' added Shahab Al Jassmi, SVP, Commercial, Ports and Terminals, DP World GCC. DP World's Jebel Ali Port sees rising vehicle volumes The announcement follows a sharp rise in vehicle volumes at Jebel Ali. In H12025, the port handled 545,000 vehicles, a 28 per cent increase from the same period last year. Imports made up 65 per cent of total volumes, with vehicles arriving predominantly from China, Japan, Thailand, India and South Korea. The terminal upgrade is part of DP World's broader automotive strategy, which also includes plans to develop a 20 million square foot advanced car market in Dubai. Once complete, it will be the largest of its kind globally. Both projects align with the emirate's D33 agenda to double the size of its economy by 2033 and strengthen its position as a global smart logistics hub.
