By Will McSheehy

June 29 (Bloomberg) — Dubai Holding Commercial Operations Group LLC, the investment company owned by Dubai’s ruling sheikh, started marketing 10 billion yen ($94 million) of floating-rate bonds in its first sale in the Japanese currency.

Dubai Holding Commercial hired JPMorgan Chase & Co. to help it sell five-year notes that pay interest of 1.75 percentage point more than the quarterly yen London interbank offered rate, data compiled by Bloomberg show. The rate was last at 0.9275 percent, according to the data.

Dubai Holding Commercial is a unit of Sheikh Mohammed 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.

The company earlier this month started marketing 250 million Swiss francs ($245 million) of fixed-rate bonds as it diversifies its debt currencies away from the dollar, British pound and euro.

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.

To contact the reporter on this story: Will McSheehy in Dubai at [email protected]


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