UPDATE 1-UAE's Majid Al Futtaim markets green dollar sukuk - Reuters:
Majid Al Futtaim, a UAE-based developer and shopping mall operator, has started marketing 10-year U.S. dollar-denominated “green” Islamic bonds, or sukuk, at about 245 basis points over mid-swaps, a document showed on Tuesday.
The proceeds of the sukuk will back environmentally-friendly projects in areas such as renewable energy and sustainable water management, according to the document drawn up by one of the banks leading the deal.
Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of sukuk beyond its traditional markets in Asia and the Middle East to include ethical investors in Western countries.
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