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Dubai Islamic Bank Sets Initial Price Thoughts For 5-Yr Dollar Sukuk-Leads
(27 May 2015)

 

Dubai Islamic Bank will price a dollar-denominated sukuk issue as early as Wednesday after releasing price guidance for the transaction, a document from lead managers said.

The lender has set initial price guidance for the sukuk in the area of 140 basis points over midswaps. The sukuk, with a five year tenor, will be of benchmark size, traditionally understood to mean upwards of $500 million.

DIB, the largest Islamic bank in the United Arab Emirates, has mandated First Gulf Bank, HSBC, Maybank, National Bank of Abu Dhabi, Standard Chartered and itself to arrange the deal .

Roadshows, that started last week and were held in Asia and Europe, concluded in London on Tuesday.

The document from lead arrangers said it would use a wakala structure for its sukuk, in which one party manages assets on behalf of another. 

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