{"id":109473,"date":"2025-11-14T00:00:00","date_gmt":"2025-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/maf-issues-usd-500-mn-hybrid-bond-denies-stake-sale-rumors\/"},"modified":"2025-11-14T00:00:00","modified_gmt":"2025-11-14T00:00:00","slug":"maf-issues-usd-500-mn-hybrid-bond-denies-stake-sale-rumors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/14\/maf-issues-usd-500-mn-hybrid-bond-denies-stake-sale-rumors\/","title":{"rendered":"MAF issues USD 500 mn hybrid bond, denies stake sale rumors"},"content":{"rendered":"

MAF<\/strong> closes hybrid bond sale, tenders existing bonds: <\/strong>Majid Al Futtaim (MAF) wrapped up its USD 500 mn reset perpetual 5.25-year hybrid bond after drawing over USD 1.8 bn in orders excluding joint lead manager interest, Zawya<\/a> reports. The non-call issuance closed more than 5.5x oversubscribed on strong investor demand, MAF told EnterpriseAM in an emailed statement. <\/p>\n

(**Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Pricing was tightened to 5.75%<\/strong> from initial guidance of around 6.375%. The notes, expected to be rated BB+ by S&P and Fitch, will list on Euronext Dublin.<\/p>\n

Trimming the old to make room for the new:<\/strong> The Dubai-based retail giant, rated BBB (stable) by S&P and Fitch, is simultaneously tendering up to USD 190 mn of existing perpetuals ahead of upcoming call dates in December this year and end-June 2027. <\/p>\n

Breaking down the jargon:<\/strong> The perpetual hybrid bond carries no maturity date, allowing MAF to partly classify it as equity, while investors earn a coupon that resets every 5.25 years. As subordinated debt, the notes rank below senior obligations, offering a higher yield in return for added risk. The non-call feature prevents early redemption before the first reset. <\/p>\n

This is MAF\u2019s second issuance in as many months<\/strong>, with the company issuing a 10-year USD 500 mn<\/a> sukuk, as part of a USD 3 bn debt program. The issuance had also drawn nearly USD 1.8 bn in orders and landed a coupon rate of 4.875% and a yield of 4.955%, with proceeds earmarked for general corporate purposes and refinancing. <\/p>\n

ADVISORS- Citi<\/strong>, Goldman Sachs<\/strong> International<\/strong>, HSBC<\/strong>, and Standard Chartered<\/strong> acted as joint global coordinators and bookrunners, joined by our friends at Mashreq<\/strong> alongside Abu Dhabi Commercial Bank<\/strong>, Emirates NBD Capital<\/strong>, First Abu Dhabi Bank<\/strong>, and JP Morgan<\/strong> as additional bookrunners.<\/p>\n

\n

ALSO FROM MAF-<\/p>\n

FACT CHECK- The company \u201ccategorically refutes\u201d reports of any potential stake sale<\/strong>s, divestments, or changes in governance<\/strong>, calling them \u201centirely inaccurate, unfounded, and misleading,\u201d it said in an emailed statement to EnterpriseAM. Bloomberg had reported<\/a> earlier on Wednesday that Dubai officials were weighing strategic options for the USD 19 bn conglomerate, including a potential minority stake sale, partial divestments, or an IPO.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pricing was tightened to 5.75% from initial guidance in the 6.375% area<\/p>\n","protected":false},"author":1,"featured_media":109474,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1391,68,7,254],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-109473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-majid-al-futtaim","wpautop","entry"],"acf":{"mongo_id":"2d107bf5-0316-4b12-a83e-6d4c6915551f","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/913.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MAF issues USD 500 mn hybrid bond, denies stake sale rumors","related_issue":[109466],"teaser":"Pricing was tightened to 5.75% from initial guidance in the 6.375% area","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/11\/.37a10f79-5f7e-4dcf-8320-4da7ff0c5165.mp3"},"yoast_head":"\nMAF issues USD 500 mn hybrid bond, denies stake sale rumors - 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