January 30, 2018 / 7:34 AM / 2 months ago

Dubai Islamic Bank gives initial guidance for planned dollar sukuk -sources

DUBAI, Jan 30 (Reuters) - Dubai Islamic Bank, the largest Islamic bank in the United Arab Emirates, has given initial price guidance for its planned U.S. dollar-denominated sukuk in the range of 130 basis points over mid-swaps, sources familiar with the matter said.

The potential five-year Islamic bond, part of the bank’s $5 billion sukuk programme, is expected to price on Tuesday.

Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, JP Morgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank have been hired as joint lead managers and bookrunners for the deal.

Sources told Reuters this month that the bank was expected to raise around $750 million through the debt sale.

Reporting by Davide Barbuscia; editing by Jason Neely

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