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DUBAI / Reuters
Damac Properties is in talks with banks about a possible issue of US dollar-denominated Islamic bonds, sources familiar with the matter said on Monday. Discussions about a new issue are at an early stage, said the sources.
A spokesman at Damac said: “We are continuously in talks with many bodies on funding possibilities and options. We always keep all options open. When financing decisions are made we make appropriate announcements.â€
Damac has early last year it sold a $500 million five-year sukuk issue arranged by Bank of America Merrill Lynch, Emirates NBD Capital, HSBC and VTB Capital. Just before the sukuk sale, DAMAC bought back around $198 million of an existing $650 million sukuk issue due in 2019.