Published on 6/12/2014 in the Prospect News Emerging Markets Daily.
New Issue: UAE’s Emaar Malls prices $750 million 4.564% 10-year bonds at 182.5 bps over mid-swaps
By Aleesia Forni
Virginia Beach, June 12 – Dubai’s Emaar Malls Group priced $750 million of 4.564% 10-year Islamic bonds at par with a spread of mid-swaps plus 182.5 basis points on Wednesday, according to a market source.
The notes (Baa2/BBB-/) sold at the tight end of talk, which had firmed around 10 bps from original guidance.
Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Mashreq, Morgan Stanley and National Bank of Abu Dhabi were the bookrunners for the Regulation S sukuk.
Emaar Malls is a subsidiary of Dubai-based developer Emaar Properties.
Issuer: | Emaar Malls Group
|
Amount: | $750 million
|
Description: | Islamic bonds
|
Maturity: | June 18, 2024
|
Bookrunners: | Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Mashreq, Morgan Stanley, National Bank of Abu Dhabi
|
Coupon: | 4.564%
|
Price: | Par
|
Yield: | 4.564%
|
Spread: | 182.5 bps over mid-swaps
|
Trade date: | June 11
|
Settlement date: | June 18
|
Ratings: | Moody’s: Baa2
|
| Standard & Poor's: BBB-
|
Distribution: | Regulation S
|
Price talk: | Mid-swaps plus 190 bps area, firmed from mid-swaps plus 200 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.