Damac gives keys to sub IG names in sukuk

Arab face palm
By Dan Alderson
03 Apr 2014

Damac Real Estate Development's sukuk this week has blazed a trail for sub-investment grade borrowers as Middle East investors start to migrate down the credit spectrum.

Bankers close to the $650m deal said that Damac’s tight print at 310bp over mid-swaps late on Wednesday would serve as great encouragement for double B and single B rated names to come to market, including those that have not done so before.

The deal however wasn't a runaway ...

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