September 10, 2019 / 2:38 PM / 3 months ago

UPDATE 1-Dubai's Emaar Properties sells $500 mln 10-year sukuk

(Updates with final spread, orders)

DUBAI, Sept 10 (Reuters) - Dubai’s largest listed developer Emaar Properties is set to raise on Tuesday $500 million from the sale of Islamic bonds, or sukuk, a document issued by one of the banks leading the deal showed.

The transaction has received orders of nearly $2.5 billion, including $300 million of interest from the banks arranging the deal, said the document.

The deal, part of a $2 billion debt programme, is offering investors a profit rate equivalent to 235 basis points over mid-swaps.

Standard Chartered was hired to coordinate the deal.

Other banks leading the transaction are Dubai Islamic Bank , Deutsche Bank, Emirates NBD Capital , First Abu Dhabi Bank, Mashreqbank and Sharjah Islamic Bank, the document showed. (Reporting by Davide Barbuscia, editing by Louise Heavens and Emelia Sithole-Matarise)

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