DP World markets new dollar sukuk, taps existing bond


DUBAI, July 11 (Reuters) – Port operator DP World started marketing 10-year U.S. 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% and 5.1%, a separate bank document showed. (Reporting by Davide Barbuscia; Editing by Mark Potter)