GulfBase Live Support
12/05/2016 09:01 AST
Ezdan Holding, a Qatar-based real estate developer and investment firm, has priced a $500 million five-year sukuk issue, a document from lead managers said on Wednesday, in the firm's debut international debt sale.
The wakala-structured transaction carries a profit rate of 4.375 per cent, equivalent to a spread over midswaps of 333 basis points, the document said. The reoffer price was 99.446 per cent.
Under a wakala structure, a portfolio of sharia-compliant assets is managed on behalf of the sukuk certificate holders.
The firm, a real estate developer and investment firm, founded and chaired by members of the ruling al-Thani family, had released pricing guidance on Tuesday in the area of low-to-mid-300s over the same benchmark.
This was then focused on the area of 337.5 bps over midswaps earlier on Wednesday, according to a separate update from lead arrangers.
Barwa Bank, Emirates NBD Capital, HSBC and Mashreq arranged the transaction and were joined in a bookrunner capacity by Abu Dhabi Islamic Bank before its close, the document added.
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