Dubai’s DP World hires banks for dollar bond issue

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Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year US dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.

DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10.

The three banks, together with Barclays, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, and HSBC have been mandated as joint lead managers and joint bookrunners for the sukuk offering.

DP World is also considering raising additional funds through long-dated US dollar-denominated conventional bonds as part of an existing $10 billion bond program, according to the document.

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