Saudi’s Dar al-Arkan sells $450m, UGB decides to wait
The Gulf’s first new issue since the Dubai debt crisis was being priced on Thursday night with an expected 11% yield for a five year issue, while a Bahraini bank which had been roadshowing chose to hold off bringing a trade.
Saudi property company Dar al Arkan Real Estate was expected to sell a $450m sukuk at a 10.75% coupon. It had been marketing its deal since January 21, when it launched a two week roadshow. Leads Deutsche Bank, Goldman Sachs and Unicorn Investment Bank released price guidance of
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