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UAE's DAMAC updates price guidance for 5-yr dollar sukuk - lead
April 11, 2017 / 8:22 AM / 7 months ago

UAE's DAMAC updates price guidance for 5-yr dollar sukuk - lead

DUBAI, April 11 (Reuters) - DAMAC Properties, Dubai’s second-largest listed developer, has tightened price guidance on its planned benchmark dollar sukuk to 6.375 percent from an initial mid-6 percent area, according to a document issued on Tuesday from one of the banks leading the deal seen by Reuters.

Benchmark bonds are usually meant to be upwards of $500 million. Order books, including joint lead managers’ interests, amounted to about $850 million, according to the document.

The property developer, a business partner of U.S. President Donald Trump, plans to price and launch the Regulation S, senior unsecured Islamic bond later on Tuesday. (Reporting by Davide Barbuscia, editing by Louise Heavens)

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