ZAWYA: Saudi Dar Al Arkan raises $600mln from five-year sukuk priced at 7.25%

About this update from Dar Al Arkan Real Estate Development Co.

Staff WriterSaudi Arabia’s Dar Al Arkan Real Estate Development Co. has priced $600 million US dollar-denominated, fixed-rate senior unsecured sukuk at 7.25% with 7.375% yield.The transaction was launched with ITPs in the 7.75% area before tightening on the back of oversubscription, as the final books topped $1.25 billion excluding JLM interest.Dar Al Arkan appointed Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rayan Investment, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners.(Writing by Brinda Darasha; editing by Seban Scaria)[email protected]: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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