Dubai mall operator picks banks ahead of bond issue

Banking sources say Majid Al Futtaim has appointed HSBC, National Bank of Abu Dhabi and Standard Chartered

Majid Al Futtaim, a Dubai-based holding company which owns and operates shopping malls in the Middle East and North Africa, has mandated banks ahead of a potential US dollar bond issue, banking sources said on Wednesday.

HSBC, National Bank of Abu Dhabi and Standard Chartered have been appointed to arrange the deal, said one of the sources, adding however that the list was not conclusive and other banks could be involved at a later stage.

A spokesman for Majid Al Futtaim declined to comment.

As of mid-January, Majid Al Futtaim was also in talks with banks for a revolving credit facility expected to be in excess of $1.5 billion.

The revolving loan would be denominated in both US dollars and United Arab Emirates dirhams, sources familiar with the discussions told Reuters at the time.

Majid Al Futtaim is rated BBB by Fitch and Standard & Poor’s.

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