Dubai to issue USD500m-USD750m 15-year sukuk at 5%

Tue Apr 22, 2014 9:22am EDT

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LONDON, April 22 (IFR) - The Emirate of Dubai is to issue a 15-year Reg S sukuk at a profit rate of 5% to raise between USD500m and USD750m, according to a source.

This is at the tight end of initial profit thoughts of 5%-5.125% set earlier on Tuesday.

The unrated issuer will close books on the deal at 14.00GMT, the source said.

Dubai Islamic Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Standard Chartered are the leads.

(Reporting By Abhinav Ramnarayan, editing by Anil Mayre)