New Issue: Qatar’s Ezdan prices $500 million 4 3/8% notes due 2021 to yield 4½%

By Christine Van Dusen

Atlanta, May 11 – Qatar-based real estate developer Ezdan Holding Group sold $500 million 4 3/8% five-year notes (expected ratings: Ba1/BBB-/) at 99.446 to yield 4½%, or mid-swaps plus 333 basis points, on Wednesday, a market source said.

HSBC and Mashreq were the joint global coordinators for the Regulation S sukuk. Barwa Bank, Emirates NBD Capital, HSBC and Mashreq were the lead managers and bookrunners.

Issuer:	Ezdan Holding Group
Amount:	$500 million
Maturity:	May 18, 2021
Description:	Islamic bonds
Bookrunners:	HSBC, Mashreq (joint global coordinators); Barwa Bank, Emirates NBD Capital
Coupon:	4 3/8%
Price:	99.446
Yield:	4½%
Spread:	Mid-swaps plus 333 bps
Change of control put:	At par if HH Sheikh Thani bin Abdullah Al-Thani or any member of his family cease to own more than 50%
Trade date:	May 11
Settlement date:	May 18
Expected ratings:	Moody's: Ba1
	S&P: BBB-
Distribution:	Regulation S

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