Commentary & Deal Flow

Reoffer: 6yr: MS+150bp / 99.322 / 4.883% 10yr: T+150bp / 99.29 / 6.347%
Benchmark: 6yr: 6-year EUR MS @ 3.383% 10yr: 10-year US Treasury (UST 4.625% Aug-36) @ 99-08+ / 4.847%

Tranche 1 (6yr Green): Peak book > €1.5bn, excl. JLMs
Tranche 2 (10yr): Peak book > US$1.4bn, excl. JLMs

Launched:
6yr: €750m @ MS+150bp - Books > €1.5bn, excl. JLMs
10yr: US$750m @ T+150bp - Books > US$1.4bn, excl. JLMs
Spread set at: 6yr: MS+150bp - Books > €1.5bn, excl. JLMs 10yr: T+150bp - Books > US$1.4bn, excl. JLMs
IPTs: 6yr: MS+175a 10yr: T+175a

• Issuer: DP World Limited
• Issuer LEI: 549300M3U2DNF4QVSS04
• Corporate Rating: Baa2 (stable) by Moody's and BBB+ (stable) by Fitch
• Expected Issue Ratings: Baa2 (Moody's) and BBB+ (Fitch)
• Format: RegS only (Category 2)
• Listing: London Stock Exchange (ISM), Nasdaq Dubai
• Governing Law: English Law
• Status:
  • 6yr Green: Green Senior Unsecured Notes, under the GMTN programme
  • 10yr: Senior Unsecured Notes, under the GMTN programme
• Currency / Size:
  • 6yr Green: €750m
  • 10yr: US$750m
• Tenor:
  • 6yr Green: 6-year
  • 10yr: 10-year
• Maturity Date:
  • 6yr Green: 16-Sep-32
  • 10yr: 16-Sep-36
• Benchmark:
  • 6yr Green: 6-year EUR MS @ 3.383%
  • 10yr: 10-year US Treasury (UST 4.625% Aug-36) @ 99-08+ / 4.847%
• Re-Offer:
  • 6yr Green: MS+150bps / 99.322 / 4.883%
  • 10yr: UST+150bps / 99.29 / 6.347%
• Coupon:
  • 6yr Green: 4.75% p.a.
  • 10yr: 6.25% p.a.
• Settlement Date: 16-Sep-26 (T+5)
• Denominations:
  • 6yr Green: €100k + 1k
  • 10yr: US$200k + 1k
• Clearing: Euroclear and Clearstream, Luxembourg
• ISIN / Common Code:
  • 6yr Green: XS3504857676 / 350485767
  • 10yr: XS3504857593 / 350485759
• Coupon Frequency:
  • 6yr Green: Annually (16-Sep). First Coupon Payment Date is 16-Sep-27
  • 10yr: Semi-annually (16-Mar and 16-Sep). First Coupon Payment Date is 16-Mar-27
• Day Count Fraction:
  • 6yr Green: Annual, Act/Act
  • 10yr: 30/360
• Joint Lead Managers and Joint Bookrunners:
  • 6yr Green: Citi, Barclays, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Societe Generale
  • 10yr: Abu Dhabi Commercial Bank, Citi, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, Mashreq, Societe Generale, Standard Chartered Bank
• Use of Proceeds:
  • 6yr Green: An amount equal to the net proceeds is intended to be used to fund or refinance a portfolio of eligible green projects, within eligible project categories, as set out in the Group’s sustainable finance framework dated November 2024
  • 10yr: General Corporate Purposes
• Billing & Delivery: Citi
• Documentation: US$10bn Global Medium Term Note Programme
• Timing: ToE: 17:31 UKT for EUR and 17:30 for USD / FTT: 8am UKT on 10-Sep-26
• Stabilisation: FCA / ICMA applies