Editorial Details

Editorial

26 Jun 2014 Emaar Malls Group 10 Year Wakala Sukuk

Emaar Malls Group 10 Year Wakala Sukuk Issuance - Emaar Malls the operator of the biggest shopping mall in Dubai, has issued a USD750m Reg S sukuk with a stipulated profit rate of 4.564 per cent, indicating a yield of approximately 182 basis points over mid-swaps. This represents a good outcome for the issuer and clearly Dubai has benefitted from some of the negative noise surrounding other emerging market countries. The bonds utilise a wakala structure (similar to a declaration of trust form of securitisation) issued via a Cayman Islands SPV. The bonds are rated Baa2 by Moodys Investor Service and BBB- by Standard and Poor's respectively.

Financial Centre : Dubai
Law Firm : Linklaters
Lawyer : Jonathan Fried

Practice Area : Debt Capital Markets
Classification : Islamic Finance
Sub-classification : Islamic Finance Bonds and Sukuk, Wakala:
Industry : Real Estate Investment & Services

Advised Party : Issuer
Value USD Equiv: 500.01-1000.00M

Issuer Jurisdiction : UAE
Listing Jurisdiction : UAE