News Column

Emaar Malls to issue inaugural $750m sukuk

June 12, 2014

Staff Report

Dubai: Emaar Malls Group successfully priced a $750 million (Dh2.75 billion) 10-year RegS debut sukuk with a profit rate of 4.564 per cent, representing 182.5 bps over the dollar 10-year mid-swaps on Wednesday.

The transaction came on the back of an expedited, yet comprehensive, global roadshow covering the key financial centres: London, Singapore, Hong Kong and the UAE. The proposed issuance was very well received by the market, with the order book closing at approximately $5.4 billion, representing 7.2 times oversubscription.

The pricing of the transaction achieved a balanced distribution, with Middle East accounts allocated 33 per cent, European investors representing 38 per cent of the allocations, and Asian investors picking up the 29 per cent balance.

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Source: Gulf News (United Arab Emirates)

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