A $500 million sukuk issue by Dubai's Damac Real Estate is expected to launch and price on Wednesday, according to information from a lead arranger on Tuesday.

Books now exceed $1 billion.

Earlier, Damac set price thoughts for its five-year sukuk, in basis points, at midswaps plus the mid-300s.

Joint lead managers are Abu Dhabi Islamic Bank, Barclays, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD and National Bank of Abu Dhabi.

Damac is the first Dubai property developer to list equity in London. Its sukuk will be listed on the Irish Stock Exchange and Nasdaq Dubai.-Reuters