DP World markets new dollar sukuk, taps existing bond

Port operator DP World is also reopening an existing conventional bond, due in 2048. (Reuters)

• The company is also reopening an existing conventional bond, due in 2048

DUBAI: Port operator DP World started marketing 10-year US dollar-denominated sukuk, or Islamic bonds, with an initial price guidance of around 230 basis points over mid-swaps, a document issued by one of the banks leading the deal showed.
The company, majority owned by the Dubai government, is also reopening an existing conventional bond, due in 2048.
The initial yield guidance for the bond reopening, or “tap,” ranges between 5 percent and 5.1 percent, a separate bank document showed.