Arab Today, arab today jafza eyes new sukuk to help repay old one
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

JAFZA eyes new sukuk to help repay old one

Arab Today, arab today

Arab Today, arab today JAFZA eyes new sukuk to help repay old one

Dubai - Arabstoday

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

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