|10 September, 2019

Dubai's Emaar Properties starts marketing dollar sukuk

The planned deal, part of a $2bln debt-raising programme, will be of benchmark size, which generally means upwards of $500mln

Emaar buildings, real estate property development company, and The Address apartment building, Downtown, Dubai, United Arab Emirates.

Emaar buildings, real estate property development company, and The Address apartment building, Downtown, Dubai, United Arab Emirates.

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DUBAI  - Dubai's largest listed developer, Emaar Properties, started marketing on Tuesday 10-year U.S. dollar-denominated sukuk, or Islamic bonds, at around 270 basis points over mid-swaps, a document by one of the banks leading the deal showed.

The planned deal, part of a $2 billion debt-raising programme, will be of benchmark size, which generally means upwards of $500 million.

Standard Chartered is coordinating the debt sale, which is expected to close later on Tuesday, according to the document.

(Reporting by Davide Barbuscia; Editing by Tom Hogue) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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