Emaar executes 2nd int'l fixed-income Sukuk offering of US$500m

posted on 15/07/2012: 824 views

Emaar Properties PJSC ("Emaar"), rated Ba3/BB, has successfully priced its second international fixed-income Sukuk offering, raising US$500m via the issuance of trust certificates with a maturity of 7 years at a yield of 6.4%.

Emaar has successfully executed its first public offering since January 2011 through the issuance of a very well-received US$500m Sukuk. The transaction, which was structured as a Sukuk al-Ijarah and issued through a special purpose vehicle (Emaar Sukuk Limited), constitutes the second drawdown under the company's recently updated US$2bn Trust Certificate Issuance Programme.

Chairman of Emaar Properties PJSC Mohamed Alabbar said, "We are delighted that the Emaar Sukuk was well received by the regional and international fixed income investors. The fact that investors have responded so positively to our third transaction in the international debt capital markets is a testament to Emaar's value proposition and the credit standing of the company in the financial markets. The funds raised through the Sukuk will be used to implement our funding strategy and extend our debt maturity profile. The success of this issuance reflects the confidence investors have in our long term strategy and Emaar's ability to implement it." – Emirates News Agency, WAM

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