DUBAI, Sept 6 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.
(Reporting by David French; editing by Jason Neely)