Alpha Star brings dollar-denominated benchmark sukuk offering

Chicago, April 18 – Alpha Star Holding VII Ltd. is pricing a dollar-denominated benchmark sukuk offering (BB-), according to a notice.

The guarantor will be Damac Real Estate Development Ltd.

The three-year trust certificates will be listed in Dublin.

J.P. Morgan Securities plc, Emirates NBD Capital, Deutsche Bank, Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq are working as bookrunners on the deal.

S&P Global Ratings noted that the proposed size is $400 million.

Damac is a Dubai-based real estate development company.

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