DUBAI: Dubai Islamic Bank has set pricing for a benchmark dollar-denominated sukuk issue with a five year lifespan, which will price later on Wednesday, at 125 basis points over midswaps, a document from lead managers said.
The level is at the tight end of revised guidance issued earlier in the day, which indicated the transaction would price at 130 bps, plus or minus 5 bps, over the same benchmark.
The five-year sukuk will be benchmark size, traditionally understood to mean worth upwards of $500 million.
DIB, the largest Islamic bank in the United Arab Emirates, has mandated First Gulf Bank, HSBC, Maybank, National Bank of Abu Dhabi, Standard Chartered and itself to arrange the deal.
