Saudi Arabia's Dar Al-Arkan sets initial talk in 6¼% area for dollar benchmark five-year sukuk

By Christine Van Dusen

Atlanta, May 20 - Saudi Arabia's Dar Al-Arkan Real Estate Development Co. set initial talk in the 6¼% area for a dollar-denominated sukuk offering of benchmark-sized notes due in five years (expected rating: /B+/), a market source said.

Bank Alkhair, Deutsche Bank, Emirates NBD and Goldman Sachs are the bookrunners for the Regulation S issue of Islamic bonds.

The proceeds will be used to fund the company's projects.

The developer is based in Riyadh.

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