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Dubai: Dubai Holding Commercial Operations Group LLC, started marketing 250 million Swiss francs ($238 million) of fixed-rate bonds in its first sale in the European currency.
Dubai Holding Commercial hired BNP Paribas SA to help it sell the three-year 5.25 percent notes priced to yield 1.5 percentage points more than the benchmark mid-swap rate, data compiled by Bloomberg show.
Dubai Holding Commercial is a unit of Shaikh Mohammad bin Rashid Al Maktoum's Dubai Holding LLC and owns companies including developer Tatweer Dubai LLC, hotel operator Jumeirah Group LLC and communications unit Tecom Investments LLC.
On May 1 it said full-year profit jumped 82 percent to $3.78 billion on surging land and property sales.
Dubai Holding Commercial has $3.14 billion of bonds outstanding, including $272 million maturing this year, data compiled by Bloomberg show.
In January last year Dubai Holding received $13 billion of orders for the $2.5 billion of bonds it offered to investors in its first international sale, sale manager JPMorgan Chase & Co. said at the time.
The bonds were denominated in dollars, euros and pounds with maturities ranging from five to 10 years, Bloomberg data show.
Moody's Investors Service rates Dubai Holding Commercial's debt A1, its fifth-highest investment grade, while Standard & Poor's gives it an equivalent A+. Fitch rates the debt one notch higher at AA-, the data show.
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