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Tamweel prices $300m sukuk
- United Arab Emirates: Saturday, December 15 - 2007 at 15:33
Mortgage firm Tamweel has revealed its $300m exchangeable sukuk, which was oversubscribed within hours of its launch, has been successfully priced. The sukuk will carry a sub Libor profit rate of 4.3%, payable quarterly in arrears, and the exchange price is just under $2.3, representing a premium of more than 30% above Tamweel's average share price over the past three months. The sukuk is scheduled to mature in 2013.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, December 15 - 2007 at 15:33 UAE local time (GMT+4)
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