BNY Mellon has been appointed delegate, principal paying agent, registrar and transfer agent for a Sukuk launched by DIFC Investments LLC.
A Sukuk is a Shariah-compliant bond.
The joint lead managers on the issuance are Dubai Islamic Bank PJSC, Emirates NBD Capital, Noor Bank P.J.S.C. and Standard Chartered Bank. The Sukuk was assigned a BBB- credit rating by Standard & Poor’s, which is just above junk status.
It will be interesting to see what impact the collapsing price of oil will have on these types of arrangements and, indeed, the whole Shariah finance industry.