Emaar Properties Launches $500M 5.5-Yr Sukuk; 8.5% Pft Rate

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Emaar Properties launches a benchmark dollar-denominated bond as part its $2 billion Islamic bond program.

Benchmark bonds are typically at least $500 million in size.

Market sources indicate an 8.5 percent yield.

Emaar picked HSBC (HSBA.L), RBS (RBS.L) and Standard Chartered (STAN.L) to arrange fixed income meetings ahead of a possible bond issue, the developer said last week.

The meetings for the proposed bond issue began on Jan. 21.

Dubai’s ruler has a 31 percent stake in Emaar which built the Burj Khalifa. The company issued a five-year $500 million convertible bond last year with coupon of 7.5 percent to refinance short term liabilities.

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