Saudi Arabia’s Dar Al Arkan appoints banks for potential sukuk offering - The National:
Dar Al Arkan Real Estate Development, the biggest publicly-traded real estate developer in Saudi Arabia, appointed a group of local and international banks for a potential sukuk deal, just months after it raised funds from the debt capital market to meet its corporate requirements.
The company mandated Alkhair Capital, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq Bank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners for the new transaction, it said in a statement to the Tadawul stock exchange, where its shares trade.
The company from Monday will start meeting institutional investors in the UAE and London. A seven-year US dollar fixed rate benchmark senior unsecured sukuk may follow an investor roadshow, depending on the market conditions, it said, without specifying the size of the potential deal. A benchmark transaction refers to a deal worth $500 million (Dh1.84 billion) or more.
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