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Dubai's $1.25 Billion Islamic Bond to Price Wednesday

Dubai's $1.25 Billion Islamic Bond to Price Wednesday

Dubai is planning to raise $1.25 billion from a two-tranche Islamic bond sale on Wednesday, with final price guidance for both tranches tighter than indicated initially.

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April 25, 2012 2:59 by



Dubai is planning to raise $1.25 billion from a two-tranche Islamic bond sale on Wednesday, with final price guidance for both tranches tighter than indicated initially.

The price range for the five-year portion was set at between 4.90 and 4.95 percent and for the ten-year at between 6.45 percent and 6.50 percent, arranging banks said, indicating healthy appetite for the new issue. Each tranche will be at least $500 million.

Citi, National Bank of Abu Dhabi, Dubai Islamic Bank and HSBC are bookrunners on the deal, the emirate’s first after nearly a year. It last tapped debt markets with a $500 million 10-year issue in June.
(Reporting by Rachna Uppal; Editing by Amran Abocar)



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