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Dubai's DAMAC sukuk expected to price Wednesday

Published: 01/04/2014 04:26:47 PM GMT
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DUBAI, April 1 (Reuters) - A $500 million sukuk issue by Dubai's DAMAC Real Estate is expected to launch and price on Wednesday, according to i (more)

DUBAI, April 1 (Reuters) - 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.

(Reporting by Umesh Desai; Writing by Andrew Torchia)

((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))

Keywords: DAMAC SUKUK/BOOKS

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