June 22, 2020 / 8:40 AM / 19 days ago

DP World hires banks for perpetual Islamic bonds - document

DUBAI, June 22 (Reuters) - Dubai's port operator DP World has hired a group of banks for a potential issuance of U.S. dollar-denominated sukuk, according to a document seen by Reuters on Monday.

It is looking to issue perpetual U.S. dollar-denominated sukuk, or Islamic bonds, non-callable for 5-1/2 years and will consider issuing, in due course, euro-denominated bonds non-callable for six years. Perpetual bonds are similar to an equity instrument in that they have no maturity date.

Reporting by Yousef Saba, editing by Louise Heavens

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