Dubai-based Emirates Islamic Bank has launched the sale of $750 million in sukuk with five years duration, which will be completed later on Monday, a document from lead managers showed.

Pricing for the instrument has been set at 220 basis points over midswaps after attracting orders from investors worth more than $2.2 billion, the document showed.

The pricing is tighter than the 225 bps over the same benchmark indicated earlier in the day, and well inside initial guidance of the 240 bps area.

The sharia-compliant bank, owned by lender Emirates NBD, hired itself and its owner to arrange the issue, as well as Standard Chartered, Al Hilal Bank, Bank ABC, Dubai Islamic Bank, HSBC, Maybank and Noor Bank.  - Reuters