Dubai's Emaar Malls to issue 10-yr sukuk this week, sets initial guidance

DUBAI, June 10 Tue Jun 10, 2014 3:08am EDT

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DUBAI, June 10 (Reuters) - The malls unit of Dubai's Emaar Properties has set initial price thoughts on a debut Islamic bond issue of ten years duration, which is set to be sold this week, a document from lead managers said on Tuesday.

Pricing guidance for the benchmark-sized transaction has been given in the area of 200 basis points over midswaps, the document said. Benchmark size is traditionally understood to mean in excess of $500 million.

Two Abu Dhabi-based banks - Al Hilal Bank and Abu Dhabi Islamic Bank - have been added to the list of eight existing bookrunners for the deal, the document showed.

The other bookrunners are Dubai Islamic Bank, Emirates NBD, Mashreq, Morgan Stanley , First Gulf Bank, National Bank of Abu Dhabi , Noor Bank and Standard Chartered. (Reporting by David French; Editing by Andrew Torchia)

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