Dubai Aerospace Enterprise (DAE), a global player in aircraft leasing and engineering, has appointed a group of leading banks to organize fixed-income investor meetings. Scheduled to commence on Monday, October 6, 2025, these calls are designed to assess market appetite for a potential US dollar-denominated sukuk issuance.
The planned offering is for a benchmark-sized, 5-year senior unsecured sukuk with a fixed rate.
A syndicate of financial institutions has been mandated to lead the transaction. Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, and HSBC will act as active bookrunners. They will be supported by a group of passive bookrunners and managers, including 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.
The potential issuance will be structured under DAE Sukuk (DIFC) Ltd’s Trust Certificate Issuance Programme. It is expected to receive a Baa2 rating from Moody’s and a BBB from Fitch, aligning with DAE’s corporate credit ratings. Structured as a wakala/murabaha instrument under the Rule 144A/Reg S format, the sukuk’s launch will be contingent on favorable market conditions.
DAE is fully owned by the Investment Corporation of Dubai (ICD), the principal investment arm of the Dubai government. According to investor documents, the company reports annual revenue of $1.7 billion, holds aircraft assets valued at $14.5 billion, and has a total debt of $9.8 billion.