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Dubai's Emaar Properties starts marketing dollar sukuk

Credit: REUTERS/Ahmed Jadallah

Dubai's largest listed developer, Emaar Properties, started marketing on Tuesday 10-year U.S. dollar-denominated sukuk, or Islamic bonds, at around 270 basis points over mid-swaps, a document by one of the banks leading the deal showed.

DUBAI, Sept 10 (Reuters) - Dubai's largest listed developer, Emaar Properties EMAR.DU, started marketing on Tuesday 10-year U.S. dollar-denominated sukuk, or Islamic bonds, at around 270 basis points over mid-swaps, a document by one of the banks leading the deal showed.

The planned deal, part of a $2 billion debt-raising programme, will be of benchmark size, which generally means upwards of $500 million.

Standard Chartered STAN.L is coordinating the debt sale, which is expected to close later on Tuesday, according to the document.

(Reporting by Davide Barbuscia; Editing by Tom Hogue)

((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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