Damac Properties is considering selling Islamic bonds this year to raise cash and help repay existing debt. The company is in talks with banks for a possible sukuk sale. Damac has a USD650mn sukuk maturing in April 2019. Damac’s Chief Financial Officer Adil Mohammed Hassan Taqi said that the market if offering a pretty good window to issue debt. Damac is rated BB by S&P Global, its second-highest non- investment grade. The company’s 2019 sukuk bond has rallied this year, with the yield falling to 5.10% from 6.08% on Dec 30th. 

DAMAC Properties (DU): AED2.89 as of 9 Mar. 2017, Rating: Neutral, TP: AED2.30/share, MCap: USD4,764mn, DAMAC UH/DAMAC.DU