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Dubai Prices $1.25 Billion Islamic Bond at Par

Dubai Prices $1.25 Billion Islamic Bond at Par

The government of Dubai priced a $1.25 billion two-tranche Islamic bond, or sukuk, on Wednesday, at par. A $600 million five-year tranche was priced at 4.90 percent and a 10-year portion was priced at 6.45 percent, in line with launch guidance released earlier that day.

April 26, 2012 10:50 by



The government of Dubai priced a $1.25 billion two-tranche Islamic bond, or sukuk, on Wednesday, at par. A $600 million five-year tranche was priced at 4.90 percent and a 10-year portion was priced at 6.45 percent, in line with launch guidance released earlier that day.

On a spread basis, the five-year deal priced at 403.1 basis points over 5-year U.S. Treasuries (UST), and the ten-year at 445.7 basis points over 10-year UST. Citigroup, National Bank of Abu Dhabi, HSBC and Dubai Islamic Bank were bookrunners on the deal.

(Reporting by Rachna Uppal; Editing by Amran Abocar)



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