Dubai’s property developer Emaar starts marketing dollar sukuk

Big 5

Dubai’s largest listed developer Emaar Properties started marketing on Tuesday 10-year U.S. dollar-denominated sukuk, or Islamic bonds, at around 270 basis points over mid-swaps, a document by one of the banks leading the deal showed.

The planned deal, part of a $2 billion debt-raising programme, will be of benchmark size, which generally means upwards of $500 million.

Standard Chartered is coordinating the debt sale, which is expected to close later on Tuesday, according to the document.

Source: Reuters

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