Wednesday, Jan 26, 2011
DUBAI (Zawya Dow Jones)--The books for Emaar Properties' (EMAAR.DFM) planned Islamic bond, or sukuk, sale are now open and the price whisper is in the 8.625% area, a banker familiar with the issue said Wednesday.
"The tenor is 5.5 years and the sukuk, which will likely be of benchmark size, will list on the London Stock Exchange. The final pricing is expected Thursday," the banker, who declined to be identified, told Zawya Dow Jones.
The Dubai-based real-estate developer last week said it appointed HSBC, RBS and Standard Chartered to arrange investor meetings targeting fixed-income investors starting Jan. 21. The meetings were arranged in Asia, Europe and the six-member Gulf Cooperation Council states.
Emaar shares closed flat at 3.41 United Arab Emirates dirhams ($0.93) on the Dubai bourse Wednesday.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
26-01-11 1007GMT
