New Issue: Dubai's Tamweel sells $300 million 5.154% notes due 2017 at mid-swaps plus 400 bps

By Christine Van Dusen

Atlanta, Jan. 12 - Dubai's Tamweel Funding III Ltd. priced a $300 million issue of 5.154% sukuk notes due Jan. 18, 2017 (Baa1//A) at par to yield 5.154%, or mid-swaps plus 400 basis points, a market source said.

Citigroup, Dubai Islamic Bank and Standard Chartered Bank were the bookrunners for the Regulation S deal.

Tamweel Funding is a unit of Tamweel PJSC, a real estate developer.

Issuer:	Tamweel Funding III Ltd.
Amount:	$300 million
Maturity:	Jan. 18, 2017
Description:	Senior notes
Bookrunners:	Citigroup, Dubai Islamic Bank, Standard Chartered Bank
Coupon:	5.154%
Price:	Par
Yield:	5.154%
Spread:	Mid-swaps plus 400 bps
Trade date:	Jan. 12
Settlement date:	Jan. 18
Ratings:	Moody's: Baa1
	Fitch: A
Distribution:	Regulation S

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