DIFCI re-enters the debt capital markets
DIFC Investments LLC (DIFCI) returned to the debt capital markets since its issuance in 2007 with a successfully priced USD 700 million 10 year Sukuk issued at par with a 4.325 per cent profit rate, at a spread over USD Mid Swaps of 185 bps. This agreement is the first USD-denominated benchmark issuance by a regional corporate since July 2014 and it reopens the international debt capital markets for regional corporate issuers.
Standard & Poor's gave DIFCI a BBB- issuer credit rating following which DIFCI took on an extensive strategy covering Abu Dhabi, Dubai, Hong Kong, Singapore and London to meet over 50 fixed investors to showcase their improved credit fundamentals and strong business model. The order book opened on 3rd November, 2014 with initial profit talk set at USD Mid Swaps plus "very low 200s" for a 10-year benchmark-sized Sukuk. It gained momentum quickly and by close of business time, the order book grew to about USD 3 billion with an excess of USD 1.9 billion (4.3 times oversubscribed).
