DUBAI- Saudi Arabian real estate developer Dar Al Arkan sold $400 million in seven-year sukuk at 7%, a document from one of the banks leading the deal showed on Wednesday.
Dar Al Arkan, which began marketing the Islamic bonds at 7.375-7.5% on Wednesday, hired AlKhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank to lead the deal.
The issuer received more than $1.1 billion in orders for the deal, the document said.
The sukuk, or Islamic bonds, will be issued through Dar Al Arkan Sukuk Company Ltd and guaranteed by Dar Al Arkan Real Estate Development.
(Reporting by Yousef Saba; Editing by Muralikumar Anantharaman and Edmund Blair) ((Yousef.Saba@thomsonreuters.com; +971562166204))