Published on 9/11/2019 in the Prospect News Emerging Markets Daily.
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.
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Obligor: | Emaar Properties PJSC
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Amount: | $500 million
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Maturity: | Sept. 17, 2029
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Description: | Islamic bonds
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Bookrunners: | Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Standard Chartered Bank
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Profit rate: | 3 7/8%
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Price: | 99.762
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Yield: | 3.904%
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Spread: | Mid-swaps plus 235 bps
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Trade date: | Sept. 11
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Settlement date: | Sept. 17
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Ratings: | Moody’s: Baa3
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| S&P: BBB-
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Distribution: | Regulation S
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