Dubai's Emaar Malls to issue 10-yr sukuk this week, sets initial guidance

June 10, 2014 - 12:32:59 pm

DUBAI: The malls unit of Dubai's Emaar Properties has set initial price thoughts on a debut Islamic bond issue of ten years duration, which is set to be sold this week, a document from lead managers said on Tuesday.

Pricing guidance for the benchmark-sized transaction has been given in the area of 200 basis points over midswaps, the document said.

Benchmark size is traditionally understood to mean in excess of $500 million.

Two Abu Dhabi-based banks - Al Hilal Bank and Abu Dhabi Islamic Bank have been added to the list of eight existing bookrunners for the deal, the document showed.

The other bookrunners are Dubai Islamic Bank, Emirates NBD, Mashreq, Morgan Stanley, First Gulf Bank, National Bank of Abu Dhabi, Noor Bank and Standard Chartered. (Reuters)