Majid Al Futtaim Properties (MAF) has successfully priced a $500 million 10-year senior unsecured sukuk at a spread of US Treasuries plus 95 basis points. This represents a tightening from the initial guidance of T+125bps, as investor demand exceeded $1.75 billion, including interest from joint lead managers.
Issued through MAF Sukuk Ltd under the company’s $3 billion debt issuance programme, the sukuk carries a profit rate of 4.875% and a yield of 4.955%, with a reoffer price of 99.375.
The sukuk is set to be listed on both the Dublin and Dubai stock exchanges.
Proceeds from the issuance will be used to support general corporate purposes and meet refinancing requirements.
