October 9, 2019 / 6:24 AM / a month ago

Saudi developer Dar Al Arkan markets five-year dollar sukuk

DUBAI, Oct 9 (Reuters) - Saudi Arabian real estate developer Dar Al Arkan started marketing five-year dollar sukuk, or Islamic bonds, with an initial price guidance of 7.25% to 7.375%, a document issued by one of the banks leading the sale showed on Wednesday.

It has hired a group of arrangers for the deal including AlKhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Nomura, Noor Bank, Standard Chartered Bank and Warba Bank, according to the document.

The bonds will be sold later on Wednesday, and are part of a $2 billion sukuk program. (Reporting by Tuqa Khalid; editing by Davide Barbuscia)

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