Damac in talks with banks for potential USD sukuk sale
Damac Real Estate Development is in talks with banks for the issuance of USD-denominated benchmark sukuk. The company has mandated Barclays and HSBC as global coordinators, lead managers and bookrunners to organise a series of fixed-income investor meetings in Asia, the UAE, and the UK from 5 April 2018. The Islamic bonds will be 5-year or 7-year fixed rate senior unsecured sukuks and will be issued subject to market conditions, according to sources familiar with the matter.
DAMAC Properties (DU): AED2.99 as of 2 Apr. 2018, Rating: Sell, TP: AED2.43/share, MCap: USD4,929mn, DAMAC UH/DAMAC.DU
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