Emaar Mall Unit Hires Banks for Sukuk Before $2.45 Billion IPO - Bloomberg

Emaar Mall Unit Hires Banks for Sukuk Before $2.45 Billion IPO - Bloomberg:



"Emaar Malls Group LLC, owner of one of the world’s biggest shopping malls, plans a debut sale of Islamic bonds after raising $1.5 billion from a loan last month.



The company will hold meetings with fixed-income investors in Asia, Europe and the Middle East from June 8, it said in a statement to the Dubai bourse today. Dubai Islamic Bank PJSC (DIB), Emirates NBD Capital Ltd., First Gulf Bank PJSC (FGB), Mashreqbank PSC (MASQ), Morgan Stanley, National Bank of Abu Dhabi PJSC, Noor Bank and Standard Chartered Plc will arrange the meetings and a dollar-denominated Reg-S sukuk may follow, Emaar said.



Emaar Malls, owned by Emaar Properties PJSC (EMAAR), the developer of the world’s tallest skyscraper in Dubai, has the second-lowest investment grade rating from Moody’s Investors Service. The rating reflects the company’s stable recurring cash flows and is underpinned by the success of the Dubai Mall, a popular tourist attraction, Moody’s said in a note on June 2."



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