UAE property developer DAMAC sells $400 mln Islamic bond | Reuters
Dubai-based real estate developer DAMAC on Tuesday sold a three-year $400 million Islamic bond, or sukuk, less than initially expected, with a yield of 7.75%, a bank document showed.
The issue followed a series of investor calls and meetings that kicked off last week for a benchmark-sized sale, understood to be at least $500 million.
The company, rated BB- by S&P, priced tighter than guidance of around 7.875% released earlier as order books hit over $1.15 billion, a document from a mandated bank showed.
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