Dubai Electricity and Water Authority (Dewa) has set initial price guidance for its Islamic bond at between 100 basis points to 125 basis points over six-month Emirates Interbank Offered Rate, two bankers said.

The state-owned utility is returning to the market after postponing the sale of dollar-denominated bonds in November.

The bankers, who attended a Dewa roadshow, declined to be identified. The utility's latest sale is priced in dirhams. The five-year sale of the floating rate Islamic bonds (sukuk), is managed by Barclays Capital, Citigroup, Dubai Islamic Bank and Emirates Bank International.-Reuters