New Issue: Dubai's Damac sells $650 million 4.97% five-year Islamic bonds at par

By Christine Van Dusen

Atlanta, April 2 - Dubai's Damac Real Estate Development Ltd. sold $650 million five-year notes (/BB/) at par to yield 4.97%, according to a company announcement.

Barclays, Citigroup and Deutsche Bank were the joint global coordinators. The three banks - along with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and National Bank of Abu Dhabi - were also joint lead managers for the Regulation S deal.

The issuer is a luxury property development company based in Dubai.

Issuer:	Damac Real Estate Development Ltd.
Amount:	$650 million
Maturity:	April 2019
Description:	Islamic bonds
Bookrunners:	Barclays, Citigroup, Deutsche Bank (joint global coordinators); Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, National Bank of Abu Dhabi (joint lead arrangers)
Coupon:	4.97%
Price:	Par
Yield:	4.97%
Trade date:	April 2
Rating:	Standard & Poor's: BB
Distribution:	Regulation S

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