Dubai Islamic Bank (DIB) has launched a $500 million five-year sukuk issue at the tight end of revised price rangee, with the transaction set to close later on Tuesday, a document from lead arrangers showed.

Pricing for the deal has been affirmed at 230 basis points over midswaps, the document showed. Earlier, banks managing the transaction had announced revised guidance of 235 bps, plus or minus 5 bps, over the same benchmark.

The total order book for the offering was around $1.2 billion, the document added.

DIB's transaction is being arranged by seven banks: Bank ABC, DIB, Emirates Islamic Bank, HSBC, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered.-Reuters