Investment Corp of Dubai sets initial price thoughts for 10-year dollar sukuk

Dubai: Investment Corp of Dubai (ICD), the Dubai government’s main investment arm, set initial price thoughts for a 10-year US dollar sukuk issue in the area of 290 basis points over mid-swaps, a document from arrangers showed on Wednesday.

The ijara sukuk, which has a commodity murabaha component, will be benchmark-sized, which is understood to mean at least $500 million (Dh1.8 billion).

The issue is expected to be today’s business, the document said. Bookrunners are Citi, Dubai Islamic Bank, Emirates NBD Capital, HSBC, J.P. Morgan, National Bank of Abu Dhabi and Standard Chartered.