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Dar Al Arkan raises $400m from sukuk issue

Dubai, May 22, 2014

Saudi Arabia's Dar Al Arkan Real Estate Development raised $400 million through an Islamic bond, the developer said in a statement on Thursday, with strong demand for the paper helping to reduce the cost at which it borrowed.
 
The developer attracted a final order book of more than $1 billion for its five-year sukuk, it said in a regulatory filing.
 
Final pricing came at a profit rate of 6.5 per cent, it added. This was tighter than the 6.75 per cent earmarked earlier on Wednesday and well inside the high-6s per cent given as initial pricing thoughts on Tuesday.
 
Alkhair Capital - a unit of Bahrain-based Bank Alkhair, whose chairman is the same as Dar Al Arkan's - Deutsche Bank , Emirates NBD and Goldman Sachs were coordinators and bookrunners of the deal.
 
Abu Dhabi-based Al Hilal Bank, as well as Qatari trio Al Rayan Investment, Barwa Bank and QInvest were also bookrunners. - Reuters



Tags: sukuk | Dar Al Arkan | raise |

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