Dubai Aerospace Enterprise has enlisted a consortium of international and regional banks to host a series of fixed income investor calls beginning 6 October 2025, with the aim of gauging demand for a potential benchmark 5-year senior unsecured US dollar sukuk issuance.
The mandate positions Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International and HSBC as active bookrunners, while Abu Dhabi Commercial Bank, Ajman Bank, Bank ABC, BNP Paribas, Crédit Agricole CIB, Dubai Islamic Bank, Fifth Third Securities, JP Morgan Securities plc, Mizuho, Natixis, and Truist Securities will act as passive bookrunners or co-managers.
The investor calls will span key financial centres, targeting institutional investors in Europe, the Gulf and Asia. DAE’s choice of dual global and regional banks seeks to balance international reach and local market insight. The structure suggests the sukuk, if issued, would be marketed as a benchmark-size offering.
DAE, wholly owned by the Investment Corporation of Dubai, has not confirmed a pricing or launch date, indicating the issuance will be contingent on market conditions and demand. Its most recent outstanding sukuk is a US$750 million, 3.75 per cent issue maturing 15 February 2026, which remains active.
Fitch Ratings affirmed DAE’s long-term issuer default rating at ‘BBB’ with a stable outlook in May 2025, reflecting confidence in its financial position and liquidity. The rating incorporates DAE’s position in the global aviation leasing market and its backing by the Dubai government.
DAE’s capital-raising efforts follow its 2024 funding activities, which included an AED 2.75 billion 5-year unsecured term loan arranged with Emirates NBD. The company also secured a US$420 million 5-year unsecured term loan with China Construction Bank earlier in 2024. These facilities bolster its liquidity ahead of the planned sukuk.
The broader sukuk market in the Gulf has seen active issuance, with Abu Dhabi’s ADNOC raising US$1.5 billion in April 2025 through a 10-year dollar sukuk, priced at 60 basis points over US Treasuries and attracting strong demand. That deal reportedly drew orders worth more than US$3.85 billion.
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