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UAE’s Emaar to meet bond investors from Jan. 21
HSBC, RBS and StanChart named to arrange meetings.
January 18, 2011 4:37 by Reuters
Emaar Properties , builder of the world’s tallest building in Dubai, appointed banks to arrange fixed income meetings ahead of a possible bond issue, the developer said on Tuesday.
HSBC , RBS and Standard Chartered have been picked to arrange the meetings which start on Jan. 21 and will take place in Asia, the Gulf region and Europe, Emaar said in a statement posted on the bourse website. “A transaction may follow subject to market conditions,” the statement said.
The property market in the United Arab Emirates suffered in the wake of the global financial crisis as developers overstretched themselves in the pursuit of ambitious projects.
The sector’s woes are still far from over and last week Abu Dhabi-controlled Aldar Properties announced a $5.2 billion government support package.
Dubai’s ruler has a 31 percent stake in Emaar which built the Burj Khalifa. The company issued a five-year $500 million convertible bond last year with coupon of 7.5 percent to refinance short term liabilities.
A banker at one of the arranging banks said the property firm was eyeing an Islamic bond, or sukuk, issue, following the meetings, IFR, a Thomson Reuters unit, reported.
(Reporting by Praveen Menon and Rachna Uppal; Editing by David Holmes)