Dar Al Arkan to sell benchmark-sized sukuk
Dubai, May 20, 2013
Saudi Arabia's Dar Al Arkan Real Estate Development Company is aiming to sell a benchmark-sized Islamic bond, or sukuk, this week after announcing initial price thoughts for the dollar-denominated deal, a document from lead managers said on Monday.
The five-year deal is currently earmarked to price in the area of 6.25 percent, the document said. Benchmark-sized is typically understood to be at least $500 million.
Earlier, Dar Al Arkan announced to the Saudi stock exchange that it would commence meetings with fixed income investors on Monday ahead of a possible sukuk issue.
Dar Al Arkan has picked Bahrain-based Bank Al Khair, Deutsche Bank, Emirates NBD, Goldman Sachs and Qatari pair Masraf Al Rayan and QInvest to arrange the meetings. - Reuters
