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Emaar Properties’ 10-yr sukuk issue attracts $2.5bn orders

Emaar Properties’ 10-yr sukuk issue attracts $2.5bn orders
he sukuk issuance has received orders of around $2.5 billion
Emaar
EMAAR
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Dubai – Mubasher: Emaar Properties, a leading global property developer, has raised $500 million from the sale of the 10-year US dollar-denominated sukuk, according to a document issued by one of the banks managing the deal.

The sukuk issuance has received orders of around $2.5 billion, including $300 million of interest from the banks arranging the deal, Reuters reported, citing the document.

The transaction is part of a $2 billion debt programme which offers investors between 250 and 255 basis points over mid-swaps.

Earlier this month, Emaar announced it had appointed Standard Chartered Bank as sole global coordinator of the 10-year sukuk issue and Dubai Islamic Banks as Shariah advisor.