Saudi's Dar Al Arkan raises $400 mln from sukuk issue
Saudi Arabia's Dar Al Arkan Real Estate Development Co raised $400 million through an Islamic bond, with strong demand for the paper helping to reduce the cost at which it borrowed. The developer attracted a final order book of more than $1 billion for its five year sukuk. Final pricing came at a profit rate of 6.5 percent. This was tighter than the 6.75 percent earmarked earlier on Wednesday and well inside the high-6s percent given as initial pricing thoughts on Tuesday. Alkhair Capital, Deutsche Bank , Emirates NBD and Goldman Sachs were coordinators and bookrunners of the deal. Abu Dhabi-based Al Hilal Bank, as well as Qatari trio Al Rayan Investment, Barwa Bank and QInvest were also bookrunners.
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