DP World ( DPW.DI) raised USD1.2 bn from the sale of Sharia compliant Islamic bonds and said that the tender offer to buy back saw 48% bids over the target, according to two unidentified sources. The seven-year sukuk will be priced to yield 2.375 pp over the benchmark mid-swap rate, as the issue received more than USD2.5bn bids. The money from the sale was earmarked for financing a buyback of USD750mn of DP World’s existing 2017 sukuk and for general corporate purposes.(Bloomberg)   DP World (DU): AED17.54 as of 24 May 2016, Rating: Buy, FV: AED22.00/share, MCap: USD14,558 mn, DPW DU / DPW.DI