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| 11 April, 2018

Dubai's DAMAC launches $400mln five-year sukuk

Dubai real estate developer DAMAC has launched five-year sukuk with a 6.625% yield

DAMAC issues Enabling works tender for its VERA Residences tower in Business Bay

DAMAC issues Enabling works tender for its VERA Residences tower in Business Bay

Damac/handout via Thomson Reuters Zawya

DUBAI - Dubai real estate developer DAMAC has launched a $400 million, five-year sukuk with a 6.625 percent yield, a document from one of the banks leading the Islamic bond issue showed.

The sukuk was marketed on Wednesday with an initial price guidance in the 6 percent area.

Orders rose to about $850 million, including from the banks arranging the transaction, the document showed.

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

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