Published: October 24, 2013
Dubai-based retail and real-estate group places perpetual bond.
Majid Al Futtaim, the Dubai-based retail and real-estate group which owns the Carrefour supermarket franchise in the Middle East, has secured US$500mn through its latest trip to the bond market.
Following investor calls held earlier in the week, the company has priced and launched a dollar-denominated subordinated perpetual deal. The bond has a fixed rate of 7.125% until its first call date, when it will reset.
The orderbook closed at some US$4.2bn from more than 325 accounts.
Bank of America Merrill Lynch, Emirates NBD Capital, Goldman Sachs, HSBC, JP Morgan and Standard Chartered Bank are acting as joint bookrunners.