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DAMAC International's The Delmore. Image Courtesy: DAMAC
The UAE developer Damac Real Estate has priced its $750 million senior unsecured Reg S sukuk.
The 3.5-year sukuk is priced at Treasures +268.9 bps, with a profit rate of 4.25%.
The IPTs were in the 7.5% area, set at a 7% yield.
The order book is in excess of $2.1 billion, excluding joint lead manager (JLM) interest, with an oversubscription rate of 2.80. The sukuk will be listed on Euronext Dublin.
Emirates NBD Capital, HSBC and JP Morgan (B&D) are named joint global coordinators, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, HSBC, J.P. Morgan, Mashreq and Warba Bank have been appointed joint bookrunners.
Damac is rated Ba2 by Moody’s with a positive outlook and BB by S&P with a stable outlook.
(Writing by Bindu Rai, editing by Seban Scaria)
