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The initial price thoughts (IPTs) for DP World’s 10-year 144A Reg S US dollar benchmark sukuk are in the area of +175 basis points over US Treasuries.
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)
