Published on 7/25/2023 in the Prospect News Emerging Markets Daily.
New Issue: Dar Al-Arkan issues $600 million trust certificates due 2029
Chicago, July 25 – Dar Al-Arkan Sukuk Co. Ltd. issued $600 million of 8% trust certificates due 2029 (B1), according to a term sheet.
The issue price was 98.884 for a yield of 8¼%.
Abu Dhabi Commercial Bank PJSC, Alkhair Capital (Dubai), Al Rayan Investment LLC, Commercial Bank of Dubai PSC, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank managed the sale.
The order book was reported at over $1.64 billion.
Listing is in London.
Dar Alarkan Real Estate Development Co. is a Saudi Arabia-based property developer.
| Issuer: | Dar Al-Arkan Sukuk Co. Ltd.
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| Amount: | $600 million
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| Issue: | Senior sukuk
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| Maturity: | Feb. 25, 2029
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| Bookrunners: | Abu Dhabi Commercial Bank PJSC, Alkhair Capital (Dubai), Al Rayan Investment LLC, Commercial Bank of Dubai PSC, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank
|
| Coupon: | 8%
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| Price: | 98.884
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| Yield: | 8¼%
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| Call features: | Non-callable
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| Trade date: | July 18
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| Settlement date: | July 25
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| Ratings: | Moody’s: B1
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| Distribution: | Regulation S
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| ISIN: | XS2648078322
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