May 7, 2019 / 5:32 AM / 2 months ago

UAE's Majid Al Futtaim markets green dollar sukuk

DUBAI, May 7 (Reuters) - Majid Al Futtaim, a United Arab Emirates-based developer and operator of shopping malls, started marketing 10-year U.S. dollar-denominated “green” Islamic bonds, or sukuk, at about 245 basis points over mid-swaps, a document by one of the banks leading the deal showed on Tuesday.

The so-called “green” sukuk - whose proceeds will back environment-friendly projects - will be of benchmark size, which generally means over $500 million and are expected to price later on Tuesday. (Reporting by Davide Barbuscia, Editing by Sherry Jacob-Phillips)

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