The Arab Energy Fund lists $500 million sukuk at Nasdaq Dubai.. The latter welcomes
Dubai, UAE – Nasdaq Dubai welcomed the listing of $500 million in sukuk issued by the Arab Energy Fund. A multilateral financial institution specializing in financing and investment in the energy sector.
This listing reflects the established relationship between the Arab Energy Fund and NASDAQ Dubai. It contributes to enhancing the depth and diversity of the sukuk market on the stock exchange.
This issuance falls within the Arab Energy Fund’s trust certification program through APICORP Sukuk Limited. It includes $500 million in certificates of trust due in 2031.
The instruments, which are classified as priority unsecured debt, carry a profit rate of 4.686%. It was priced at a margin of 70 basis points above the SOFR.
The issue attracted subscription orders exceeding $900 million, with coverage exceeding twice the size of the issue. This allowed for improved pricing conditions compared to the initial directives.
The deal witnessed strong and diverse demand across various geographical regions and investor categories. The investor base included high-quality institutions such as central banks, sovereign entities, multilateral institutions, and SSAs. This confirms the strength of the Arab Energy Fund’s credit rating and its position in the markets.
The instruments also received an “Aa2” rating from Moody’s and an “AA+” rating from Fitch. Reflecting the strong creditworthiness of the Arab Energy Fund.
The new sukuks come after the Arab Energy Fund included sukuks worth $500 million for a period of 10 years earlier this year. It forms part of the Fund’s diversified financing strategy to support sustainable development projects in the energy sector across the Arab world.
The total value of instruments listed on NASDAQ Dubai has exceeded $98.6 billion to date. This consolidates the stock exchange’s position as one of the world’s most prominent platforms for Islamic finance.
The total value of debt instrument listings on the stock exchange exceeded $141 billion through sovereign and multilateral issuers. In addition to various financial institutions and companies.
