DUBAI: Dubai's largest listed developer Emaar Properties is set to raise on Tuesday $500 million from the sale of Islamic bonds, or sukuk, a document issued by one of the banks leading the deal showed.
The transaction has received orders of nearly $2.5 billion, including $300 million of interest from the banks arranging the deal, said the document.
The deal, part of a $2 billion debt programme, is offering investors a profit rate equivalent to 235 basis points over mid-swaps.
Standard Chartered was hired to coordinate the deal.
Other banks leading the transaction are Dubai Islamic Bank, Deutsche Bank DBKGn.DE , Emirates NBD Capital ENBD.DU , First Abu Dhabi Bank, Mashreqbank and Sharjah Islamic Bank, the document showed.
(Reporting by Davide Barbuscia, editing by Louise Heavens and Emelia Sithole-Matarise) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: firstname.lastname@example.org))