Dar Al ArkanReal Estate Development raised USD 750 mn (SAR 2.8 bn) in its latest sukuk issuance, attracting some USD 2.9 bn (SAR 10.8 bn) in orders with a 3.9x oversubscription rate, it said in a disclosure to Tadawul on Thursday. The company was sounding out the market last week for a USD-denominated senior unsecured sukuk sale to meet its general corporate needs.

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The details: The company issued some 3.7k sukuk, each carrying a USD 200k nominal value and a 7.25% fixed annual yield, paid semi-annually until maturity on 2 July 2030. The sukuk will be listed on both the London Stock Exchange and Nasdaq Dubai.

REMEMBER- The sukuk’s yield came 0.5 percentage pointslower than the initial pricing at7.75%. The Reg S and shariah-compliant sukuk — structured as an ijara-commodity murabaha — were expected to be rated B1 by Moody’s.

ADVISORS- Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Alkhair Capital – Dubai, Al Rayan Investment, Arqaam Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank were joint lead managers and bookrunners on the transaction.

Al Qeman wraps offering early: Nomu-listed Al Qemam for Computer Systems closed subscription for its SAR 4 mn sukuk issuance opened for subscription on 25 June, it said in a disclosure last Thursday. The offering — initially open for subscription until 25 August — is valued at SAR 1k per note.

ADVISORS-Sukuk Financial Company was the sole arranger on the transaction.

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