Staff Writer
Saudi 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)
brinda.darasha@lseg.com
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