Dubai – Mubasher: DAMAC Properties has launched a $400 million (AED 1.47 billion) sukuk sale, with a five-year maturity and a yield of 6.625%.

The Dubai-based and listed developer announced that it received around $850 million (AED 3.12 billion) purchasing orders, according to Reuters.

The new sukuk was marketed on Wednesday, 11 April, with a 6% area initial price guidance.

DAMAC has appointed Barclays and HSBC as global coordinators, while Barclays, Dubai Islamic Bank (DIB), Emirates NBD Capital, HSBC, Kamco Investment Company, Mashreqbank and Sharjah Islamic Bank acted as joint lead managers and bookrunners for the issue, according to the news agency.