Emaar plans $500m Islamic bond
Dubai, July 11, 2012
Dubai-based Emaar Properties will issue a $500 million, seven-year Islamic bond, with pricing most likely on Thursday, arranging banks said on Wednesday.
Order books for the sukuk are over $2.5 billion so far.
Profit rate guidance was revised to a range of 6.5 to 6.625 per cent from 6.75 per cent earlier on Wednesday.
Emaar had picked Standard Chartered, HSBC Holdings, Abu Dhabi's Al Hilal Bank, Qatar's Barwa Bank, Emirates NBD, Dubai Islamic Bank and Noor Islamic Bank for the deal. Abu Dhabi Islamic Bank was added as bookrunner in the latest update. – Reuters