Emaar’s $750m sukuk attracts $5.5bn in orders

June 12, 2014 1:50 am

Pricing for the debut sukuk deal from the malls unit of Dubai’s Emaar Properties tightened further before launch, as the firm used strong investor demand to drive down borrowing costs, Reuters has reported, citing a document from lead managers. The $750m Islamic bond for Emaar Malls Group, which has a ten-year lifespan, received orders worth more than $5.5bn from investors, banks arranging the transaction said. Emaar Malls, which also plans an initial public offer of shares in the coming months, set initial price thoughts for the sukuk in the area of midswaps plus 200 bps, which was tightened later that day to 190 bps over the same benchmark.