Damac names KAMCO joint lead manager for $400m sukuk issue

Damac names KAMCO joint lead manager for $400m sukuk issue
The sukuk yield stood at 6.625%
KAMCO
KAMCO
-0.74% 67.00 -0.50
Damac
DAMAC
1.03% 1.97 0.02

Kuwait - Mubasher: KAMCO Investment Company has announced that it acted as a joint lead manager for Damac Properties’ $400 million 5-year sukuk sale, according to a company statement released on Tuesday. 

In April, Damac launched an AED 1.47 billion sukuk issuance, with a 6.625% yield.

“KAMCO is very pleased to have been one of the Joint lead managers in Damac’s latest sukuk transaction. This transaction was another step towards KAMCO offering both Islamic and conventional services to its clients in the region,” KAMCO’s chief investment officer Khaled Fouad commented.

The Dubai-listed developer also appointed Barclays, Dubai Islamic Bank (DIB), Emirates NBD Capital, HSBC, Mashreqbank, and Sharjah Islamic Bank as joint lead managers and bookrunners for the sale.

“We are proud to have played a role in the sukuk issuance of one of the leading real-estate developers in the region,” KAMCO’s senior vice president Omar Zaineddine said.