Published: July 13, 2012
Orders for seven-year sukuk total US$4.65bn.
Emaar Properties, a Dubai-based real estate developer, has raised US$500mn through a sukuk issuance.
The company received US$4.65bn worth of orders from 185 investors for the seven-year sukuk, which has a profit rate of 6.4%.
Orders came from the Middle East, Europe and Asia. Asset managers bought 47% of the Islamic bonds, followed by banks, which bought 40%.
The deal was managed by eight bookrunners, including global and regional institutions: Standard Chartered, HSBC, Abu Dhabi Islamic Bank, Al Hilal Bank, Barwa Bank, Emirates NBD, Dubai Islamic Bank and Noor Islamic Bank.
This is Emaar’s first visit to the sukuk market since a US$500mn issuance in January 2011, and comes days after Qatar raised US$4bn through its first international sukuk.
These sukuk come during a record period for the market. In the first six months of the year sovereigns, state-owned companies, private companies and banks in the Middle East raised more than US$13bn from 17 issuances, a record for the period.