Dubai’s Jebel Ali Free Zone (JAFZA) has picked seven banks to arrange a new Islamic bond, lead managers said on Friday, with at least $500 million likely to be raised to part-repay the firm’s 2012 sukuk obligation. Along with a $1.25 billion sukuk issued by another state-owned entity, DIFC Investments, due in June, the JAFZA redemption was considered crucial to assess the ability of Dubai Inc firms to meet their debt maturities. JAFZA, fully-owned by the Dubai government, mandated Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, National Bank of Abu Dhabi and Standard Chartered to arrange a series of roadshows, a document from the lead banks said. The investor meetings will begin on June 5 in the United Arab Emirates and then take in Singapore and Hong Kong on June 7 and 8 respectively. Two days of roadshows will also be held in London June 11 and 12. A benchmark-sized sukuk will be issued subject to market conditions, the document added, with any issue to come from the JAFZ Sukuk (2019) special purpose vehicle -indicating a seven-year sukuk is being proposed. Benchmark-sized is understood as at least $500 million. The proceeds from the issue will be used to help refinance the 7.5 billion dirhams ($2.04 billion) sukuk which had been due to be repaid in November, a source with knowledge of the matter said. Bondholders voted last week to allow JAFZA to repay the deal early. Repayment of the sukuk will come through a mixture of a loan, a sukuk and internal cash. From / Gulf Today
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor