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Sukuk

UAE's Majid Al Futtaim set to raise $600 million in green Sukuk

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The proceeds of the Sukuk will back environmentally-friendly projects in areas such as renewable energy and sustainable water management.

Sunday 12, May 2019 BY KUDAKWASHE MUZORIWA

UAE-based Majid Al Futtaim (MAF) is set to raise $600 million in green Sukuk, reported Reuters.

The price guidance for the deal, which has attracted around $3 billion in orders, subsequently went down to around 225-230 basis points over mid-swaps and to a final spread of 220 basis points over the benchmark.

The UAE developer and shopping mall operator expected to raise between $500 million and $650 million, before it settled on $600 million.

MAF appointed HSBC and Standard Chartered as global coordinators for the planned deal, they are working as bookrunners along with Abu Dhabi Islamic Bank, Dubai Islamic Bank as well as ENBD Capital, First Abu Dhabi Bank and Gulf International Bank.

 

TAGS : Sukuk, Majid Al Futtaim , HSBC, Standard Chartered, Abu Dhabi Islamic Bank, Dubai Islamic Bank, ENBD Capital, Gulf International Bank

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