Jebel Ali Freezone plans Islamic, conventional bonds
Dubai's Jebel Ali Freezone, a state-owned business park around the Middle East's largest container port, said it would start selling benchmark-sized Islamic and conventional bonds on Sunday.
The Islamic bond, or sukuk, and the conventional bond were rated a provisional A1 by the Moody's Investors Service and A+ by Standard & Poor's. Benchmark size bonds are typically considered to be worth at least $500 million.
The conventional bond has a maturity of 10 years and will be sold under the US Securities and Exchange Commission's 144a regulations which govern private placements, allowing a sale in the United States, the company said in a statement.
The Islamic bond will have a musharaka, or profit sharing, structure. It did not give a tenure for the sukuk.
A road show to market the bonds begin on Sunday in Abu Dhabi, and will move on to Dubai. The company did not say when or where the other presentations would take place
Lehman Brothers, Barclays, Deutsche Bank and Dubai Islamic Bank are arranging the sale, the statement said.
Jebel Ali Freezone did not say what it planned to do with proceeds from the sale.
The free zone is a commercial and industrial area around the Jebel Ali port and houses 5,500 companies from 110 countries, including warehouses and offices . Source
The Islamic bond, or sukuk, and the conventional bond were rated a provisional A1 by the Moody's Investors Service and A+ by Standard & Poor's. Benchmark size bonds are typically considered to be worth at least $500 million.
The conventional bond has a maturity of 10 years and will be sold under the US Securities and Exchange Commission's 144a regulations which govern private placements, allowing a sale in the United States, the company said in a statement.
The Islamic bond will have a musharaka, or profit sharing, structure. It did not give a tenure for the sukuk.
A road show to market the bonds begin on Sunday in Abu Dhabi, and will move on to Dubai. The company did not say when or where the other presentations would take place
Lehman Brothers, Barclays, Deutsche Bank and Dubai Islamic Bank are arranging the sale, the statement said.
Jebel Ali Freezone did not say what it planned to do with proceeds from the sale.
The free zone is a commercial and industrial area around the Jebel Ali port and houses 5,500 companies from 110 countries, including warehouses and offices . Source
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