New Issue: Dubai's Emaar Properties prices $500 million 6.4% seven-year notes at spread of 519.3 bps

By Christine Van Dusen

Atlanta, July 12 - Dubai's Emaar Properties priced a $500 million issue of 6.4% notes due July 18, 2019 (Ba3/BB/) at par to yield 6.4%, or mid-swaps plus 519.3 basis points, a market source said.

The notes priced tighter than talk, set at 6½% to 6 5/8%.

Al Hilal Bank, Barwa Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Noor Islamic Bank and Standard Chartered Bank were the bookrunners for the Regulation S-only deal.

Emaar is a property developer in Dubai.

Issuer:	Emaar Properties
Amount:	$500 million
Maturity:	July 18, 2019
Description:	Notes
Bookrunners:	Al Hilal Bank, Barwa Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Noor Islamic Bank, Standard Chartered Bank
Coupon:	6.4%
Price:	Par
Yield:	6.4%
Spread:	Mid-swaps plus 519.3 bps
Trade date:	July 12
Settlement date:	July 18
Ratings:	Moody's: Ba3
	Standard & Poor's: BB
Distribution:	Regulation S
Price talk:	6½% to 6 5/8%

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