DUBAI: Dubai’s Emaar Properties is targeting the sale of a dollar-denominated sukuk of benchmark size and 10 years duration on Wednesday after issuing initial pricing thoughts, a document from lead managers showed.

The transaction, for which order books have now opened, is currently earmarked to price in the low-to-mid 200 basis point range over equivalent midswaps, according to the document.

Benchmark size is traditionally understood to mean upwards of $500 million.

The developer’s issuance of Islamic bonds is being managed by Standard Chartered, Bank ABC, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, Mashreq, National Bank of Abu Dhabi, Noor Bank and Union National Bank, the document said.