Negative NIPs for DP World deals as investors vie for long end paper

Dubai skyline 230x150
By Francesca Young
11 Jul 2019

DP World on Thursday launched a new $1bn 10 year sukuk and $300m tap of its $1bn 5.625% September 2048s, both with negative new issue premiums.

The 10 year sukuk was launched at 195bp over mid-swaps, from a book in excess of $4.6bn. Initial price guidance for that deal had been released on Thursday at 230bp area over mid-swaps and later updated to 200bp-205bp over mid-swaps

The $300m tap was launched at a yield ...

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