Dubai's Emaar starts marketing dollar sukuk

Dubai's largest listed developer, Emaar Properties, started marketing on Tuesday 10-year US dollar-denominated sukuk, or Islamic bonds, at around 270 basis points over mid-swaps, a document by one of the banks leading the deal showed.

The planned deal, part of a $2 billion debt-raising program, will be of benchmark size, which generally means upwards of $500 million.

Standard Chartered is coordinating the debt sale, which is expected to close later on Tuesday, according to the document.