DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, on Thursday sold $750 million in sukuk with a tenor of five and a quarter years at 3.875%, a document showed.

DAE had given initial price guidance of around 4.375% for the Islamic bonds earlier on Thursday, according to a separate document also from one of the banks on the deal.

Gulf issuers have turned to international debt markets to plug finances hit by weak oil prices and the COVID-19 pandemic, with 2020 issues leaping past last year’s record to again top $100 billion.

Kuwait International Bank also sold sukuk on Thursday, launching $300 million in 10-year sukuk that are non-callable for five years.

Saudi oil giant Aramco closed a jumbo $8 billion five-part bond sale on Tuesday, which it needs to partly fund an annual $75 billion dividend, most of which goes to the Saudi government.

DAE, owned by sovereign wealth fund Investment Corporation of Dubai, hired Bank ABC, Commercial Bank of Dubai , Credit Agricole, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, GIB, Goldman Sachs, HSBC , JPMorgan, Mizuho, Natixis and Truist Securities to arrange the issuance.

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