Home Industry Finance JAFZA Prices $650m Sukuk The seven-year Islamic bond was launched at a profit rate of seven per cent, arranging banks said. by Reuters June 13, 2012 Dubai government-owned Jebel Ali Free Zone (JAFZA) priced a $650 million seven-year Islamic bond, or Sukuk, arranging banks said. The Sukuk was launched at a profit rate of seven per cent, at the tighter end of guidance, indicating strong investor demand for the issue. Guidance was earlier set at between seven to 7.25 per cent. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank , National Bank of Abu Dhabi, Citi, Dubai Islamic Bank, Emirates NBD, Samba Financial Group and Standard Chartered are bookrunners on the Sukuk. JAFZA, part of Dubai’s flagship Dubai World conglomerate, is putting together a financing package to meet a $2.04 billion Islamic bond which matures in November. The company plans to raise $1.85 billion towards redemption of the Sukuk through this new issue and a $1.2 billion Islamic financing facility. The remainder will be paid through JAFZA’s cash balance. The original dirham-denominated bond is expected to be repaid two days after the new $650 million deal settles, lead arrangers said. Bondholders voted last month to let JAFZA repay the debt early. Tags Breaking News 0 Comments You might also like 19 injured after fire breaks out in a building in Abu Dhabi Two killed and over 100 injured in Abu Dhabi gas explosion Dubai’s DIFC Authority To Split Into Two Entities Syrian Defence Minister Killed