Emaar Properties eyes 7-year benchmark sukuk
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Wed July 11, 2012 10:08 am

UAE. Emaar Properties, builder of the world's tallest tower, plans to issue a seven-year benchmark-sized Islamic bond, or sukuk, this week, two market sources said on Wednesday.

Initial profit talk for the sukuk is indicated to be at 6.75%. The company is due to meet investors in London on Wednesday, with pricing due early on Thursday, the sources said.

Benchmark-sized is normally understood to mean at least US$500 million.

Standard Chartered Plc, HSBC Holdings, Abu Dhabi's Al Hilal Bank, Qatar's Barwa Bank, Emirates NBD , Dubai Islamic Bank and Noor Islamic Bank are mandated on the deal

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
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UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
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UAE. Across the Middle East, educational institutions and providers face a myriad of challenges and opportunities; "Educational organizations are increasingly being asked to demonstrate their wider impact and contribution to goals around employability, social mobility and inclusion."
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