Saudi developer Dar Al Arkan sells $600mln sukuk – document

Saudi developer Dar Al Arkan sells $600mln sukuk – document

DUBAI - Saudi Arabia's Dar Al Arkan Real Estate Development Co sold $600 million in Islamic bonds due February 2029 on Tuesday, a bank document showed. The sukuk launched at 8.25%, tightened from initial guidance of around 8.5% earlier on Tuesday, after orders topped $1.55 billion, including $299.45 million from joint lead managers, the document from one of the arranging banks said. Debt sales in the region restarted last week after about a month-long lull, with Dubai developer Sobha Realty opening the way with a $300 million sukuk offering. Two Abu Dhabi banks then followed, raising a total of $1.25 billion from the sale of conventional and Islamic bonds. Abu Dhabi renewable energy firm Masdar also tapped the markets on Tuesday to raise $750 million with green bonds and Saudi food and beverage company Almarai is also in the market with dollar sukuk. (Reporting by Yousef Saba; Editing by Kim Coghill, David Holmes and Mike Harrison)