New Issue: UAE’s Emaar Malls prices $750 million 4.564% 10-year bonds at 182.5 bps over mid-swaps

By Aleesia Forni

Virginia Beach, June 12 – Dubai’s Emaar Malls Group priced $750 million of 4.564% 10-year Islamic bonds at par with a spread of mid-swaps plus 182.5 basis points on Wednesday, according to a market source.

The notes (Baa2/BBB-/) sold at the tight end of talk, which had firmed around 10 bps from original guidance.

Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Mashreq, Morgan Stanley and National Bank of Abu Dhabi were the bookrunners for the Regulation S sukuk.

Emaar Malls is a subsidiary of Dubai-based developer Emaar Properties.

Issuer:	Emaar Malls Group
Amount:	$750 million
Description:	Islamic bonds
Maturity:	June 18, 2024
Bookrunners:	Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Mashreq, Morgan Stanley, National Bank of Abu Dhabi
Coupon:	4.564%
Price:	Par
Yield:	4.564%
Spread:	182.5 bps over mid-swaps
Trade date:	June 11
Settlement date:	June 18
Ratings:	Moody’s: Baa2
	Standard & Poor's: BBB-
Distribution:	Regulation S
Price talk:	Mid-swaps plus 190 bps area, firmed from mid-swaps plus 200 bps area

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