CityDev To Issue Islamic Bond By Yr End

Source : The Business Times, August 21, 2008

City Developments, Southeast Asia's second-biggest developer by market value, will issue the first tranche of a $1 billion (US$708 million) Islamic bond programme by the end of this year.

'We hope to do the first tranche before year-end, subject to market conditions,' CityDev CFO Goh Ann Nee told journalists at a briefing.

CityDev last week announced that it was planning to sell $1 billion in sharia-compliant debt arranged by Malaysian lender CIMB, in what would be Singapore's first Islamic unsecured financing arrangement and aimed at tapping new markets.

CIMB Bank is part of CIMB Group which is listed on the Malaysian stock exchange through Bumiputra Commerce Holdings . -- REUTERS