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Al-Futtaim launches $500m sukuk

|By TAP Staff| Majid Al Futtaim, owners of Carrefour franchise in the Middle East, has launched a benchmark $500 million, ten-year sukuk issue, with initial pricing set around 270 basis points over midswaps.

The banks involved with the issue are Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, National Bank Of Abu Dhabi and Standard Chartered.

The sukuk will use the wakala structure, in which one party acts as an agent managing assets for another.