New Issue: Dubai’s Emaar prices $750 million 3.635% notes due 2026 at 225 bps over mid-swaps

By Christine Van Dusen

Atlanta, Sept. 7 – Dubai-based property developer Emaar Properties sold $750 million 10-year Islamic notes at par to yield 3.635%, or mid-swaps plus 225 basis points, a market source said.

The notes were talked at a spread in the 235 bps area over mid-swaps.

Standard Chartered, Emirates NBD, National Bank of Abu Dhabi, First Gulf Bank, Dubai Islamic Bank PJSC, Union National Bank, Mashreqbank, Noor Bank and Bank ABC were the bookrunners for the Regulation S deal.

Issuer:	Emaar Properties
Amount:	$750 million
Maturity:	Sept. 15, 2026
Description:	Islamic bonds
Bookrunners:	Standard Chartered, Emirates NBD, National Bank of Abu Dhabi, First Gulf Bank, Dubai Islamic Bank PJSC, Union National Bank, Mashreqbank, Noor Bank, Bank ABC
Coupon:	3.635%
Price:	Par
Yield:	3.635%
Spread:	Mid-swaps plus 225 bps
Trade date:	Sept. 7
Distribution:	Regulation S
Price talk:	Mid-swaps plus 235 bps

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