Damac updates price guidance for dollar sukuk

Damac

Properties, Dubai’s second-largest listed developer, has tightened price guidance on its planned benchmark dollar sukuk to 6.38 per cent from an initial mid-6 per cent area, according to a document issued yesterday from one of the banks leading the deal seen by Reuters.

Benchmark bonds are usually meant to be upwards of $500 million (Dh1.84 billion). Order books, including joint lead managers’ interests, amounted to about $850 million. The property developer planned to price and launch the Islamic bond later yesterday. (Reuters)