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The UAE-based hotel and shopping mall developer Majid Al Futtaim Properties is marketing a $500 million (will not grow) 10-year sukuk Reg S offering at initial price thoughts (IPTs) of US Treasuries plus 125 basis points area.
The securities will be issued by MAF Sukuk with Majid Al Futtaim Properties as the obligor. Parent Majid Al Futtaim Holding is providing a guarantee.
The wakala / murabaha sukuk structure will be rated BBB/BBB/ (S&P/Fitch), in line with the guarantor.
HSBC and Standard Chartered are joint global coordinators. Joint lead managers and bookrunners are Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, DIB, Emirates NBD Capital, First Abu Dhabi Bank, GIB Capital and IMI-Intesa Sanpaolo.
Bank ABC is co-lead manager.
The sukuk will be listed on Euronext Dublin and Nasdaq Dubai.
(Writing by Brinda Darasha; editing by Bindu Rai)
