Emaar prices $500m sukuk

Sukuk priced at par and carried a profit rate of 6.4%

Dubai's Emaar Properties has priced a $500 million seven-year Islamic bond, or sukuk, lead managers said on Thursday, its first debt issue of 2012.

The sukuk priced at par and carried a profit rate of 6.4 per cent, the document from lead banks said. The profit rate was equivalent to 519.3 basis points over midswaps.

Abu Dhabi Islamic Bank, Standard Chartered, HSBC Holdings, Abu Dhabi's Al Hilal Bank, Qatar's Barwa Bank, Emirates NBD, Dubai Islamic Bank and Dubai's Noor Islamic Bank were mandated on the deal.

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