New Issue: Dubai's MAF prices $400 million five-year sukuk at par to yield 5.85%

By Paul A. Harris

Portland, Ore., Jan. 31 - MAF Sukuk Ltd. - a unit of Dubai-based developer Majid Al-Futtaim Holding - priced a $400 million five-year sukuk (/BBB/BBB) at par to yield 5.85%, a buyside source said on Tuesday.

The yield printed inside the 5.9% to 5.95% yield talk.

Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered are the bookrunners for the Regulation S deal.

Issuer:	MAF Sukuk Ltd.
Amount:	$400 million
Maturity:	Feb. 7, 2017
Securities:	Senior sukuk
Bookrunners:	Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, Standard Chartered
Coupon:	5.85%
Price:	Par
Yield:	5.85%
Spread:	482 bps
Settlement date:	Feb. 7
Ratings:	Standard & Poor's: BBB
	Fitch: BBB
Distribution:	Regulation S
Price talk:	5.9% to 5.95%

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