Private Department of Sheikh Mohamed Bin Khalid Al Nahyan Cancels USD 350 Million Sukuk Deal

According to media reports, a USD 350 million Sukuk deal from Private Department of Sheikh Mohamed Bin Khalid Al Nahyan (PD), a real estate company (based out of Abu Dhabi in the United Arab Emirates and owned by members of the royal family), was cancelled late on the 7th of July 2021.

Why it Matters?

Given the high yields offered by such transactions, bond deals are rarely cancelled as investor demand is usually strong. Over the past few years, these cancellations amongst Gulf issuers have been sporadic. A note sent out by PD to potential investors just prior to midnight on the 7th of July 2021, explained PD’s decision to cancel the deal given that the proceeds received did not meet the plan and vision of PD, and cited plans to revisit the fun...