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
china wholesale market

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. China returned from their week long new year celebrations while the dollar resumed its ascent on a combination of stronger US data and the soon-to-begin period of quantitative easing in Europe.
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QATAR. The risk of a Greek exit is remote, but even if it happens, it poses less risks to the global economy than it did in 2012; Other items to dominate the foreseeable global economic agenda.
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UAE. "In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers' needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike."
UAE. "In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers' needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike."
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