Debt Capital Markets (DCM)
DCM encompasses the market for issuing and trading debt securities including bonds, commercial mortgage-backed securities, and other fixed-income instruments secured by real estate.
| DCM Product | Structure |
| Corporate bonds | Unsecured debt issued by REITs or developers |
| CMBS | Commercial mortgage-backed securities, pooled loans |
| Property bonds | Debt secured by specific property |
| Sukuk (Islamic bonds) | Sharia-compliant debt instruments |
| Private placements | Unrated debt to institutional investors |
| Mezzanine notes | Subordinated debt securities |
| UAE DCM Market | Characteristics |
| Market size | Growing but smaller than traditional bank lending |
| Sukuk prominence | Islamic finance dominates regional issuance |
| Issuers | Major developers, Emaar, Aldar, Damac |
| Investor base | Regional institutions, sovereign wealth, banks |
| Typical yields | 5% to 8% depending on credit and structure |
| Regulatory oversight | SCA for public issuance, DFSA for DIFC |
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