Emaar Malls Raising $750 Million From Debut Islamic Bonds - Bloomberg

Emaar Malls Raising $750 Million From Debut Islamic Bonds - Bloomberg:



"Emaar Malls Group LLC, the Dubai-based owner of the one of the world’s biggest shopping centers, is raising $750 million from a debut sale of Islamic bonds, according to two people familiar with the matter.



The 10-year notes will be priced to yield 182.5 basis points, or 1.825 percentage points, above the benchmark midswap rate, the people said, asking not to be identified because the information isn’t public. The price was cut from an original guidance of about 200 basis points above midswaps after bids of more than $5 billion were received, according to the people.



“Everyone is loving Emaar’s paper,” Ahmed Shehada, head of advisory at National Bank of Abu Dhabi Securities LLC, said by phone. “It’s attractively priced, the market is positive and that gave them the mandate to be more aggressive with pricing.”"



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