Emaar, Burgan Bank Raise $1.25 Billion as Gulf Bond Sales Soar
- Emaar raises $750 million from first sukuk sale in two years
- Burgan Bank’s $500 million bond carries 215 basis point spread
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Emaar Properties PJSC, the developer of the world’s tallest skyscraper, and Kuwait’s Burgan Bank SAK raised $1.25 billion from bond sales on Wednesday as Gulf offerings head for a record year.
Emaar sold $750 million of 10-year Islamic securities, pricing them at 225 basis points over the benchmark midswap rate, according to a person with knowledge of the deal, who asked not to be identified because the information is private. Burgan Bank raised $500 million from a sale of five-year dollar securities that will carry a spread of 215 basis points over midswaps.