Dubai mall developer plans $500m 7-year bond
Dubai, June 28, 2012
Dubai-based mall developer Majid Al Futtaim (MAF) Holding plans to price a $500 million seven-year bond, according to the arranging banks.
The bond will price at 5.25, at the tighter end of the range indicated earlier on Wednesday, signalling strong demand for the paper.
Orderbooks, which closed at 1030 GMT, were believed to be about $2 billion, lead arrangers said in a separate update.
JP Morgan, National Bank of Abu Dhabi, Standard Chartered, UBS and Barclays are bookrunners on the deal.
A year after it called off its maiden conventional bond issue in the international market, MAF is counting on stronger global demand for Gulf debt, and better investor sentiment towards Dubai in particular, to get a successful deal away.-Reuters