DAMAC Properties hires banks to arrange investor meetings ahead of sukuk issue

DAMAC hired Barclays and HSBC as global coordinators


DUBAI  - Dubai-based DAMAC Properties has hired banks to arrange a series of fixed-income investor meetings ahead of a potential U.S. dollar-denominated benchmark sukuk of five or seven years, a document from one of the banks showed.

Benchmark deals are generally meant to be at least $500 million.

DAMAC hired Barclays and HSBC as global coordinators and Barclays, Dubai Islamic Bank, Emirates NBD Capital, HSBC and Kamco Investment Company as joint lead managers and bookrunners for the potential issue of Islamic bonds.

The company will meet investors in Asia, the United Arab Emirates and the United Kingdom starting from April 5, the document showed. A senior unsecured sukuk offering will follow, subject to market conditions.

(Reporting by Davide Barbuscia; Editing by Subhranshu Sahu) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))