Emaar Malls to issue inaugural $750m sukuk | Emaar Malls to issue inaugural $750m sukuk -
Emaar Properties logo

Emaar Malls to issue inaugural $750m sukuk

: Sunday, June 15 - 2014 @ 16:08

In line with previously announced bank loan and sukuk road shows for the purpose of providing the appropriate capital structure for Emaar Malls Group LLC (rated Baa2 / BBB- by Moody’s and S&P, respectively) in advance of its proposed IPO, Emaar Malls Group successfully priced a US$ 750mn 10-year RegS debut Sukuk with a profit rate of 4.564%, representing 182.5bps over $ 10-year mid-swaps on Wednesday, 11 June 2014.

The transaction came on the back of an expedited, yet comprehensive, global roadshow covering the key financial centres: London, Singapore, Hong Kong and the UAE.

The proposed issuance was very well received by the market, with the order book closing at approximately US$ 5.4bn, representing 7.2x oversubscription.

The pricing of the transaction achieved a balanced distribution, with Middle East accounts allocated 33%, European investors representing 38% of the allocations, and Asian investors picking up the 29% balance.

The success of the transaction effectively highlights the confidence that fixed income investors have displayed with regards to the strength and appeal of the Emaar Malls Group LLC credit story.

Today's Top Stories

Posted by

Sunday, June 15- 2014 @ 16:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

AME Info Services







Business DirectoryVIEW ALL

Search by name

Search by industry

Browse alphabetically





JobsVIEW ALL

Search for jobs

Latest Jobs