DP World launches its maiden green sukuk: UAE port operator DP World’s has launched a USD 1.5 bn from a 10 year USD-denominated green sukuk issuance due sometime this month, Reuters reports, citing document from one of the arranging banks. The allocation and pricing have yet to be announced by the port operator.

The details: The issuance was nearly 2.3x oversubscribed netting over USD 3.4 bn in orders, the newswire reports. The sukuk — launched by subsidiary DP World Crescent under its USD 5 bn Trust Certificate Issuance Programme — was offered at a 5.5% yield.

More to come? The UAE port operator is also reportedly eying another USD 1 bn green sukuk issuance under the same program, depending on market conditions, according to a bank document from one of the arranging banks picked up by Reuters earlier.

Advisors: Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, and Standard Chartered Bank are acting as the bookrunners for the issuance, while HSBC is serving as the sole ESG structurer.

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