Dubai real estate developer Emaar Properties launched a $500 million seven-year sukuk at a profit rate of 6.4 percent on Thursday, arranging banks said.
Emaar, builder of the world's tallest tower, Burj Khalifa, is seeking to take advantage of tightening spreads to raise cheap financing as well as strong global demand for sukuk.
Final pricing is due later in the day, with order books said to be in excess of $4.5 billion. Pricing at launch for the sukuk was tighter than guidance released on Wednesday, signalling strong appetite for the deal.
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