Emaar plans benchmark bond
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.
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