IFLR1000

DP World $3 billion sukuk programme and $1.2 billion drawdown

9/5/2016
Bond/note programme, Sukuk
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$ 3 billion

Announced

9/5/2016

Overview:

  • DP World has established a $3 billion sukuk (Islamic bond) programme and undertaken the first $1.2 billion drawdown under it.
  • The notes will be issued on the Nasdaq Dubai and the LSE by DP World Crescent, a Cayman listed entity.
  • Citigroup, Dubai Islamic Bank, Deutsche Bank, HSBC, Barclays, Emirates NBD, First Gulf Bank, JPMorgan Securities, National Bank of Abu Dhabi and Société Générale acted as joint lead managers.
  • The funds will be used to buyback $750 million in an existing sukuk issue due in 2017.

Sam Duke - Editor

Jurisdiction:

United Arab Emirates

Deal types:

Bond/note programme
Sukuk

Practice areas:

Capital markets : Debt
Islamic finance

Industry sector:

Logistics

Firms:
Clifford Chance

Party: DP World (Issuer)

Lawyer: Stuart Ure

Conyers Dill & Pearman

Party: DP World (Issuer)

Linklaters

Party: Citigroup (Joint lead manager)

Party: Dubai Islamic Bank (Joint lead manager)

Party: Deutsche Bank AG Na ON (Joint lead manager)

Party: HSBC (Joint lead manager)

Party: Barclays (Joint lead manager)

Party: Emirates NBD (Joint lead manager)

Party: First Gulf Bank (Joint lead manager)

Party: JPMorgan Chase (Joint lead manager)

Party: National Bank of Abu Dhabi (Joint lead manager)

Party: Société Générale (Joint lead manager)

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