Dar sukuk may serve as Gulf benchmark, says Moody's

26 January 2010

Moody's Investors Service has said that the planned sukuk by Saudi developer Dar Al Arkan Real Estate Development Co will set a pricing benchmark for the Gulf region's non-investment grade issuers, Bloomberg has reported. The Islamic bond issuance aims to refinance a $600m debt, two bankers with knowledge of the sale said. It is the first non-investment grade issue from the region, Jehad el-Nakla, a Dubai-based analyst at Moody's, told reporters at the formation of the Gulf Bond and Sukuk Assoc. 'It's a landmark issuance,' he said.

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