New Issue: Dubai’s Emaar prices $500 million 3 7/8% notes due 2029 at 235 bps over mid-swaps

By Rebecca Melvin

New York, Sept. 11 – Emaar Sukuk Ltd., a subsidiary of Dubai-based property developer Emaar Properties PJSC, priced $500 million 3 7/8% 10-year Islamic notes (expected ratings: Baa3/BBB-) at a reoffered 99.762 to yield 3.904%, or mid-swaps plus 235 basis points, a market source said on Wednesday.

Joint lead managers and joint bookrunners of the Regulation S notes were Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Standard Chartered Bank.

Issuer:	Emaar Sukuk Ltd.
Obligor:	Emaar Properties PJSC
Amount:	$500 million
Maturity:	Sept. 17, 2029
Description:	Islamic bonds
Bookrunners:	Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Standard Chartered Bank
Profit rate:	3 7/8%
Price:	99.762
Yield:	3.904%
Spread:	Mid-swaps plus 235 bps
Trade date:	Sept. 11
Settlement date:	Sept. 17
Ratings:	Moody’s: Baa3
	S&P: BBB-
Distribution:	Regulation S

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