Published on 9/7/2016 in the Prospect News Emerging Markets Daily.
New Issue: Dubai’s Emaar prices $750 million 3.635% notes due 2026 at 225 bps over mid-swaps
By Christine Van Dusen
Atlanta, Sept. 7 – Dubai-based property developer Emaar Properties sold $750 million 10-year Islamic notes at par to yield 3.635%, or mid-swaps plus 225 basis points, a market source said.
The notes were talked at a spread in the 235 bps area over mid-swaps.
Standard Chartered, Emirates NBD, National Bank of Abu Dhabi, First Gulf Bank, Dubai Islamic Bank PJSC, Union National Bank, Mashreqbank, Noor Bank and Bank ABC were the bookrunners for the Regulation S deal.
Issuer: | Emaar Properties
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Amount: | $750 million
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Maturity: | Sept. 15, 2026
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Description: | Islamic bonds
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Bookrunners: | Standard Chartered, Emirates NBD, National Bank of Abu Dhabi, First Gulf Bank, Dubai Islamic Bank PJSC, Union National Bank, Mashreqbank, Noor Bank, Bank ABC
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Coupon: | 3.635%
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Price: | Par
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Yield: | 3.635%
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Spread: | Mid-swaps plus 225 bps
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Trade date: | Sept. 7
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Distribution: | Regulation S
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Price talk: | Mid-swaps plus 235 bps
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