Emaar Malls sukuk to raise $750m, pricing tightens further

Burj Khalifa developer is also planning an initial public offer of shares in coming months for its malls division

Pricing guidance for a ten-year sukuk issue by Emaar Malls Group, a unit of Dubai's Emaar Properties, was tightened further on Wednesday, with final guidance issued at 185 basis points over midswaps plus or minus 2.5 bps, a document from lead arrangers said.

The size of the issue will be $750m, the document showed.

On Tuesday Emaar Malls, which also plans an initial public offer of shares in coming months, set initial price thoughts for the sukuk at midswaps plus 200 bps, which was tightened later that day to 190 bps over.

The issuer has attracted orders so far of $5.5bn, including orders from lead managers. The deal is expected to price later in the day.

Bookrunners for the sukuk issue are Dubai Islamic Bank , Emirates NBD, Mashreq, Morgan Stanley, First Gulf Bank, National Bank of Abu Dhabi, Noor Bank, Al Hilal Bank, Abu Dhabi Islamic Bank and Standard Chartered.

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