{"id":88790,"date":"2024-12-23T00:00:00","date_gmt":"2024-12-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/23\/dp-world-issues-menas-first-blue-bond\/"},"modified":"2024-12-23T00:00:00","modified_gmt":"2024-12-23T00:00:00","slug":"dp-world-issues-menas-first-blue-bond","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/23\/dp-world-issues-menas-first-blue-bond\/","title":{"rendered":"DP World issues MENA\u2019s first blue bond"},"content":{"rendered":"

Emirati port operator DP World has issued MENA\u2019s first blue bond worth USD 100 mn<\/strong>, according to a statement<\/a> released on Thursday. The issuance is also the first corporate blue bond out of the broader Central and Eastern Europe, Middle East, and North Africa region.<\/p>\n

SOUND SMART- What is a blue <\/strong>bond<\/strong>? <\/strong>A blue bond is a facility that supports sustainable marine and fisheries projects. It is used by governments or development banks to raise funds from key investors to finance marine and ocean-based projects.<\/p>\n

Tightest spread for DP World so far:<\/strong> The five-year blue bond was priced at a spread of 99.6 bps above US treasuries \u2014 representing DP World\u2019s tightest-ever spread in the bond or sukuk market. It also came with a 5.25% coupon rate. <\/p>\n

Where will the money go? <\/strong>The funds will go towards several projects, including sustainable port development, expanding marine ecosystem conservation and restoration projects, and marine pollution initiatives.<\/p>\n

REMEMBER-<\/strong> DP World listed a debut USD 1.5 bn green sukuk<\/a> on Nasdaq Dubai in November 2023 and the London Stock Exchange in October 2023. The 10-year sukuk issuance debuted in September 2023<\/a> garnering high demand with the order book reaching USD 3.4 bn, making it c.2.3x oversubscribed. The green sukuk were priced at 119 bps above the US treasuries with a 5.5% coupon rate. This issuance brought DP World\u2019s listed sukuk value to USD 4 bn under its USD 5 bn Trust Certificate Issuance Program.<\/p>\n

ADVISORS- <\/strong>Global investment management firm T. Rowe Price Associates was the main investor, while Citigroup supported the port operator in arranging the issuance under its updated sustainable finance framework. <\/p>\n","protected":false},"excerpt":{"rendered":"

The five-year blue bond was priced at a spread of 99.6 bps above US treasuries<\/p>\n","protected":false},"author":1,"featured_media":88791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[563,83,72,11,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-blue-bonds","tag-debt-watch","tag-dp-world","tag-enterpriseclimate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"42373a77-ada6-40c3-b82f-b281c3eb1853","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/748.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DP World issues MENA\u2019s first blue bond","related_issue":[88782],"teaser":"The five-year blue bond was priced at a spread of 99.6 bps above US treasuries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.77498918-8520-4291-8b4f-1c3663dfd3ef.mp3"},"yoast_head":"\nDP World issues MENA\u2019s first blue bond - 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