June 23, 2020 / 9:36 AM / 12 days ago

Dubai Islamic Bank expected to sell over $200 mln in tap of 2026 sukuk - document

DUBAI, June 23 (Reuters) - Dubai Islamic Bank, the United Arab Emirates’ largest Islamic lender, is expected to sell more than $200 million in a tap of its existing sukuk issuance due in 2026 and has tightened its price guidance for the notes, a document showed on Tuesday.

It set final price guidance at 240-245 basis points over midswaps, tightening from initial price guidance of around 250 bps, the document from one of the banks arranging the deal showed. DIB received more than $500 million in orders for the deal, which is expected to close later on Tuesday.

Reporting by Yousef Saba, editing by Louise Heavens

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