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MAF to price $500m hybrid with 7.125pc yield

London, October 23, 2013

Dubai's Majid Al Futtaim will price its $500 million hybrid bond at a yield of 7.125 per cent, the tight end of guidance, bankers on the deal said on Wednesday, adding that final books had topped $4.1 billion.

Earlier in the day, the company had set initial price thoughts in the mid-to-high 7 per cent before setting guidance in the 7.375 per cent area and later revising to 7.125-7.25 per cent.

The perpetual bond, which will be callable after five years, is expected to price on Wednesday.

The issuer, rated BBB-/BBB-, hosted investor calls on Monday and Tuesday following an initial roadshow in May. It decided not to launch a deal then, however, citing unfavourable market conditions.

Goldman Sachs and HSBC are structuring advisors and joint bookrunners with Bank of America Merrill Lynch, Emirates NBD Capital, JP Morgan and Standard Chartered.

The Reg S-only notes are expected to be rated BB+, and to receive a 50 per cent equity credit, from both Standard & Poor's and Fitch. - Reuters




Tags: MAF | bond | hybrid | yield |

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