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02 March 2024

Emaar plans benchmark bond

Emaar picked HSBC, RBS and Standard Chartered to arrange fixed income meetings (FILE)

Published
By Reuters

Emaar Properties, builder of the world's tallest building, plans to issue a benchmark dollar-denominated bond as part its $2 billion Islamic bond programme, according to a source familiar with the matter.

The pricing of the five-and-a-half year Islamic bond or sukuk, is expected to be on Thursday, a document from the source said.

Benchmark bonds are typically at least $500 million in size.

Two other market sources said market talk was of an 8.5 per cent yield. One of the sources said the bond would be worth $500 million.

Emaar picked HSBC, RBS and Standard Chartered to arrange fixed income meetings ahead of a possible bond issue, the developer said last week.

The meetings for the proposed bond issue began on January 21.

The company issued a five-year $500 million convertible bond last year with coupon of 7.5 per cent to refinance short term liabilities.