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.
