Wednesday, Feb 01, 2012
(This story was originally published Tuesday.)
DUBAI (Zawya Dow Jones)--Dubai's Majid Al Futtaim Holding has launched a $400 million, five-year Islamic bond, or sukuk, carrying a profit rate of 5.85%, a banker familiar with the matter said Tuesday.
Allocations and pricing are expected later Tuesday, the banker, who declined to be identified, told Zawya Dow Jones. The company received orders north of $1.1 billion, the banker had said earlier Tuesday.
MAF, a privately-owned property, hospitality and retail group active in the Middle East and North Africa region met with investors in the U.A.E., Europe and Asia this week. Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered Bank are book runners for the sukuk sale, according to the banker.
The sukuk are likely to be issued under MAF's recently established $1 billion trust certificate issuance program.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
01-02-12 0518GMT
