Dar Al Arkan to price 5-year Islamic bond

May 22, 2014 1:14 am

Saudi property developer, Dar Al Arkan Real Estate Development Co plans to price a benchmark-sized, dollar-denominated sukuk of five years duration this week, Reuters has reported, citing a document from lead arrangers. The developer held a global investor call Tuesday, having chosen eight banks in total to arrange both it and the potential sukuk that may follow, the document said. Dar Al Arkan is rated ‘B+’ by Standard & Poor’s, four notches below the lowest investment grade score.