Noor Bank tightens guidance for $500m 5-year debut dollar sukuk

DUBAI: Dubai’s Noor Bank has tightened pricing guidance for its $500 million (Dh1.8 billion), five-year debut US dollar sukuk issue, which is expected to price later in the day, a document from lead arrangers showed on Tuesday.

The bank, which counts state funds Investment Corporation of Dubai and Dubai Holding among its owners, has revised guidance to 130-135 basis points over midswaps, from the 140 bps area indicated earlier on Tuesday.

Order books for the transaction are in the vicinity of $1.9 billion and include $900 million interest from the lead managers, the document showed.

Noor Bank has chosen Standard Chartered as global coordinator and Al Hilal Bank, Barwa Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, QInvest and Sharjah Islamic Bank as joint lead managers for the issue.