Damac Real Estate Development hires banks for 3.5-year sukuk

Oct 2 - Dubai-based Damac Real Estate Development has hired banks for the sale of 3.5-year dollar-denominated Islamic bond, or 'Sukuk', according to a document seen by Reuters on Monday.

Emirates NBD Capital, HSBC and JP Morgan have been selected as joint global coordinators and joint bookrunners, while ADCB, DIB, FAB, GFH Financial Group and Mashreqbank will also act as joint bookrunners The banks will arrange a series of investor meetings on Monday, followed by an issuance of benchmark-sized Islamic bonds should market conditions permit, an arranging bank document showed.

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