IslamicFinance.de

DIFC-based investment bank Alpen Capital has advised Dubai Investment Park Development Company LLC (DIPDC) on its $300 million debut Sukuk offering. Alpen Capital also advised DIPDC on its Ratings ahead of the Sukuk offering. The landmark transaction is structured as a Wakala Sukuk and issued through a special purpose vehicle (DIP Sukuk Limited). The issue was oversubscribed 13 times. DIPDC was able to price the Sukuk with a yield of 4.291 per cent (equivalent to a spread of 265bps over five-year USD Mid-Swaps) on the back of an order book that peaked at over $4 billion. Al Hilal Bank, Citigroup, Dubai Islamic Bank PJSC and Emirates NBD Capital acted as Joint Lead Managers and Joint Bookrunners.