October 27, 2015 / 6:01 AM / 4 years ago

Dubai's Majid Al Futtaim opens books for 10-yr benchmark sukuk -leads

DUBAI, Oct 27 (Reuters) - Dubai-based retail and leisure developer Majid Al Futtaim has opened books for a benchmark U.S. dollar-denominated sukuk issue, which it expects to price as early as Tuesday, a document from lead arrangers showed.

Initial price thoughts for the 10-year sukuk have been set in the area of 270 basis points over midswaps, the document showed.

The firm, which owns and operates the Carrefour franchise in the Middle East, has picked Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, National Bank Of Abu Dhabi and Standard Chartered to arrange the sukuk.

The sukuk will use the wakala structure, in which one party acts as an agent managing assets for another. Benchmark usually means at least $500 million.

Reporting by Archana Narayanan; Editing by Andrew Torchia

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