Published: May 20, 2014
Saudi real estate firm to hold investor call on possible issuance.
Saudi Arabia’s Dar Al-Arkan Real Estate Development Company, the country’s largest property developer, is to hold a global investor call today with an eye to issuing a US-dollar sukuk.
If market conditions are deemed appropriate Bahrain-based Alkhair Capital, Deutsche Bank, Emirates NBD Capital and Goldman Sachs will be global coordinators and joint bookrunners while Al Hilal, Barwa Bank, Al Rayan Investment and Qinvest will be additional bookrunners.
A document circulated by the lead arrangers confirmed that the sukuk would have a maturity of five years and was likely to price at around 6%.
The company has previously broken new ground in the Islamic finance market. In March 2007 the company raised US$600mn in the first sukuk to be issued by a Saudi corporate on the international markets.