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
More Retail & Wholesale Stories
- Emaar to list shopping malls & retail subsidiary
- Acer targets double digit growth in Saudi
- Origin offers a chance to win luxury doors
- Big jewellery show opens in Abu Dhabi
- Casio offers G-Shock in camouflage patterns
- AdvanTag to launch mobile app in Dubai
- Bahrain Duty Free plans $2.6m revamp
- Sennheiser unveils new microphone system
- Centrepoint opens 100th store in Dubai
- Panasonic to showcase top AV solutions in Dubai
- Alhokair eyes US, UK buys; plans debut sukuk
- 20 countries back Abu Dhabi jewellery show
- SanDisk launches 128GB memory card
- Canon launches 30x zoom PowerShot
- Bin Hindi unveils new 'Twenty20' sales plan
- Nokia tops UAE mobile handsets market
- Spinneys to set up distribution centre at Kizad
- P&G wins product innovation awards
- Xerox names MEA general manager
- India's Bharti group mulls Carrefour tieup
- Etisalat opens retail shop in Dubai Mall
- Ultra wealthy to spend more on luxury goods
- Kuwait group inks JV deal with China jeweller
- MAF in deal to set up retail academy
- Samsung, UPB sign deal to supply AC systems
- Samsung showcases latest UHD monitors
- Unilever named 'employer of choice' in Saudi
- New Nokia Asha range arrives in Bahrain
- Canon launches 2 compact B&W MFPs
- MAF to build new mall in Dubai IMPZ