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Dubai Emirates Islamic picks banks for benchmark USD bond

July 4, 2012 11:07 by Reuters

Dubai’s Emirates Islamic Bank, a unit of Emirates NBD, has picked banks for a potential benchmark-sized dollar sukuk, or Islamic bond, lead arrangers said on Tuesday.

The lender mandated Emirates NBD Capital, Credit Agricole , Dubai Islamic Bank, HSBC and Standard Chartered.

The initial price guidance for the issue was at a spread of 330 basis points over midswaps, maturing in 2018. Emirates NBD will underwrite it.

Arranging banks said books were now open and one banking source close to the deal said the sukuk could price on Wednesday.

Emirates Islamic, which last tapped the debt markets with a $500 million sukuk in January, is hoping to capitalise on a recent rally in Dubai names that has tightened spreads as regional Islamic liquidity seeks investment opportunities.

Tags: Credit Agricole, Dubai Islamic Bank, Dubai's Emirates Islamic Bank, emirates, HSBC and Standard Chartered, Islamic bond, NBD Capital

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