Dubai's $1.25bn Islamic bond to price today
Dubai, April 25, 2012
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 per cent and for the ten-year at between 6.45 per cent and 6.50 per cent, arranging banks said, indicating healthy appetite for the new issue.
Sources said order books were almost $4 billion when books closed at about 0830 GMT.
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. – Reuters
More Finance & Capital Market Stories
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
- UAE’s non-oil job, output levels surge
- New Bahrain drive to aid young entrepreneurs
- Arabtec $650m rights issue to open on June 9
- LIC Bahrain sees 23pc premium growth in 2012
- Gold slips after Bernanke comments
- Xpress Money offers free life insurance