Damac aims to raise $400 million in sukuk issue

Dubai-based real estate developer Damac has begun marketing a $400 million, five-year sukuk.

The Islamic bond has an initial price guidance at just beyond 6% and has attracted orders in the region of $850 million.

Barclays and HSBC have been recruited as global coordinators for the issue while Barclays, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Mashreq Bank, Sharjah Islamic Bank and Kamco Investment Company will act as joint lead managers and bookrunners.

The developer, the second largest in Dubai, said it had received indicative tenders worth more than $180 million from holders of its outstanding $650 million sukuk due to mature in 2019.

In April, Damac founder Hussain Sajwani celebrated the wedding of his daughter Amira, Damac’s chief financial officer, in a lavish ceremony attended by the Dubai royal family and the two sons of US president Donald Trump.

©2018 funds global mena

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