Majid al Futtaim launches $600 million green sukuk due 2030 to yield mid-swaps plus 225 bps

By Rebecca Melvin

New York, Oct. 23 – Majid Al Futtaim Holding LLC has launched a $600 million green sukuk, or Islamic bond, due 2030 (expected ratings: BBB/BBB) to yield mid-swaps plus 225 basis points, according to a syndicate source on Wednesday.

That pricing was tightened from guidance of mid-swaps plus 230 bps area and initial price talk in the 250 bps area.

Order books for the notes were in excess of $2.3 billion at the time of the launch.

MAF Sukuk Ltd. is issuer of the notes, which are guaranteed by Majid Al Futtaim Holding with Majid Al Futtaim Properties LLC as obligor.

HSBC, BNP Paribas and Citigroup are global coordinators and joint bookrunners of the Regulation S notes together with Abu Dhabi Islamic Bank, Dubai Islamic Bank, ENBD Capital and First Abu Dhabi Bank as joint bookrunners.

The proceeds will be used to finance or refinance existing eligible projects such as renewable energy, energy efficiency, sustainable water management and green buildings.

The company is a Dubai-based conglomerate.

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