DEWA sukuk lists for $1 billion

Dubai Electricity and Water Authority (DEWA) has listed its planned $1 billion sukuk on Nasdaq Dubai. The sukuk has raised more than expected, with WAM claiming regional and global investors had reacted positively, leading to an increase in the value of sukuk listed on Nasdaq to $6.24 billion, while the value of sukuk listed in Dubai bourses rose to $10.173 billion. The state utility, rated BBB, had sought a profit of about 3 percent. The proceeds from the five-year deal will be used to refinance existing maturities as well as for new projects. Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank are mandated joint book runners on the deal.