Wednesday, Jun 11, 2014
By Nikhil Lohade
DUBAI--The malls unit of Emaar Properties (EMAAR.DFM), which owns and operates one of the world's largest shopping malls in Dubai, is to price a $750 million Islamic bond on Wednesday, according to a lead manager.
The emirate's leading developer is launching several new projects as it partakes in a sharp recovery in Dubai's economy after the global financial crisis left it in tatters, especially its property market. And its malls unit, which Emaar plans to list on the Dubai bourse, has been one of the biggest beneficiaries of strengthening tourism in the Persian Gulf state.
The company last week said Emaar Malls Group plans to issue the sukuk after meeting with fixed-income investors in Asia, Europe and the Middle East to gauge demand.
The final profit guidance of 185 basis points (+/- 2.5bps) over 10-year midswaps is tighter than the initial price thoughts of around 200bps over midswaps, a lead manager's document showed.
Abu Dhabi Islamic Bank, AHB, Dubai Islamic Bank, ENBD Capital, First Gulf Bank, Mashreq, Morgan Stanley, National Bank of Abu Dhabi, Noor Bank, Standard Chartered and Union National Bank are bookrunners for the sukuk.
Write to Nikhil Lohade at nikhil.lohade@wsj.com
(END) Dow Jones Newswires
11-06-14 0951GMT
