iPhone | iPad
Android
Huawei
Enjoy our faster App experience
KT APPDOWNLOAD
DSI sets price guidance on dollar sukuk
The engineering and construction company has structured the bond with only three years to the first call date and five years to the second.
Dubai - Drake & Scull International, or DSI, has set initial price guidance for its senior perpetual US dollar sukuk at around nine per cent, a document from lead managers showed on Wednesday, marking the first such offering from the Gulf in 18 months.
The engineering and construction company has structured the bond with only three years to the first call date and five years to the second, with a rate reset and a coupon increase of 500 basis points if the sukuk are not called in the fifth year, the document showed.
The size of the offering is expected to be between $150 million and $200 million, a document from the lead arrangers said. Emirates NBD Capital and HSBC are joint global coordinators and are joined by Al Hilal and Standard Chartered as the joint lead managers.
No Gulf corporate has issued a perpetual bond in the international markets since GEMS Education priced a $200 million non-call five-year sukuk in November 2013.
More news from Local Business
The latest branch is the second branch of the company at Sahara Centre and one of the eight branches opened in the UAE this year, the exchange house said in a statement
Local business8 months ago
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
Local business8 months ago
Dubai FDI supports expansion by Amazon Web Services with upcoming data centres in the UAE
Local business8 months ago
Some banks are now permitting their customers to purchase Bitcoin and other crypto currencies after conducting due diligence tests on payments
Local business8 months ago
The percentage of using the digital transformation platform has grown to 96 per cent compared to the first half of last year, when the percentage of use did not exceed 76 per cent
Local business8 months ago