DAMAC launches $650m sukuk

April 3, 2014 2:39 am

Dubai’s Damac Real Estate has launched its five-year, $650m sukuk issue at midswaps plus 310 basis points, at the tight end of revised guidance, Reuters has reported, citing a document from arrangers. The size of the issue was expanded to $650m from the originally planned $500m. Books exceeded $2.8bn shortly before they closed. Damac is the first Dubai property developer to list equity in London. Its sukuk will be listed on the Irish Stock Exchange and Nasdaq Dubai.