Published on 10/9/2019 in the Prospect News Emerging Markets Daily.
New Issue: Dar Al-Arkan prices $600 million 6¾% long five-year sukuk to yield 7%
By Rebecca Melvin
New York, Oct. 9 – Dar Al-Arkan Sukuk Co. Ltd., a subsidiary of Dar Al-Arkan Real Estate Development Co., priced $600 million of 6¾% long five-year Islamic bonds, or sukuk, (expected rating: B1) at 98.841 on Wednesday, according to a market source.
The profit rate for the notes, which mature Feb. 15, 2025, is 7%, or mid-swaps plus 560.5 basis points.
Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank, Standard Chartered Bank and Warba Bank are joint lead managers and bookrunners of the Regulation S deal.
The issuer is a Saudi Arabia-based property developer.
| Issuer: | Dar Al-Arkan Real Estate Development Co
|
| Issue: | Islamic bonds
|
| Amount: | $600 million
|
| Maturity: | Feb. 15, 2025
|
| Bookrunners: | Alkhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Noor Bank, Standard Chartered Bank and Warba Bank
|
| Distribution rate: | 6¾%
|
| Price: | 98.841
|
| Profit rate: | 7%
|
| Spread: | Mid-swaps plus 560.5 bps
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 15
|
| Distribution: | Regulation S
|
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