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Emaar Malls sukuk tightens in secondary market
June 12, 2014 / 6:41 AM / 3 years ago

Emaar Malls sukuk tightens in secondary market

DUBAI, June 12 (Reuters) - A $750 million debut sukuk sold on Wednesday by Emaar Malls Group, a division of Dubai’s Emaar Properties, has tightened in the secondary market after the issue met strong investor demand.

The 10-year sukuk received orders worth more than $5.4 billion. It priced at a profit rate of 4.564 percent and a spread of 182.5 basis points over mid-swaps, meaning there was almost no new issue premium.

The sukuk priced at par and is now trading with bid-offer quotes at 100.40/100.50, traders said early on Thursday.

The distribution of the issue in the primary market was balanced, with Middle Eastern investors taking 33 percent of the paper, Europeans taking 38 percent and Asians taking 29 percent. (Reporting by Archana Narayanan; Editing by Andrew Torchia)

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