Damac starts marketing dollar sukuk in 6% area
Damac received indicative tenders of around $181m from holders of its outstanding $650m sukuk due 2019
Dubai: Damac Properties, the second-largest listed real estate developer in Dubai, has given initial price guidance in the 6 per cent area for a five-year dollar sukuk issue expected to be between $400 million (Dh1.4 billion) and $500 million, a document from one of the banks leading the deal showed.
Damac also announced that it had received indicative tenders of around $181 million from holders of its outstanding $650 million sukuk due 2019 that the company offered to purchase for cash.
The new sukuk is expected to price later on Wednesday.
Damac has mandated Barclays and HSBC as global coordinators and Barclays, Dubai Islamic Bank, Emirates NBD Capital, HSBC and Kamco Investment Company as joint lead managers and bookrunners for the potential issue of Islamic bonds.
