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UPDATE 1-Dubai's Emaar Malls tightens guidance for 10-year sukuk
June 10, 2014 / 12:51 PM / 3 years ago

UPDATE 1-Dubai's Emaar Malls tightens guidance for 10-year sukuk

(Updates details)

DUBAI, June 10 (Reuters) - The malls unit of Dubai’s Emaar Properties tightened the pricing guidance for its 10-year sukuk to 190 basis points over midswaps, a document from lead managers said on Tuesday.

The firm, which owns Dubai Mall, one of the world’s biggest shopping centres, had set initial pricing thoughts in the area of 200 bps over midswaps earlier in the day. It expects to close the books on Wednesday.

Emaar Malls said the deal would remain benchmark size, which is traditionally understood to mean in excess of $500 million.

Two Abu Dhabi-based banks - Al Hilal Bank and Abu Dhabi Islamic Bank - were earlier added to the list of eight existing bookrunners for the deal.

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 and Archana Narayanan; Editing by Andrew Torchia)

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