April 11, 2018 / 11:54 AM / 4 months ago

Dubai's DAMAC updates price guidance for five-year dollar sukuk

DUBAI, April 11 (Reuters) - Dubai real estate developer DAMAC has updated the price guidance of its planned five-year dollar sukuk to a range of 6.625-6.75 percent from an initial guidance in the 6 percent area, according to a document from one of the banks leading the deal.

DAMAC is marketing the sukuk, expected to price later on Wednesday, with a size ranging between $400 million and $500 million.

Order books for the debt sale went up to around $850 million, including orders from the banks arranging the transaction, the document showed.

DAMAC has mandated Barclays and HSBC as global coordinators and Barclays, Dubai Islamic Bank, Emirates NBD Capital, HSBC, Kamco Investment Company, Mashreqbank and Sharjah Islamic Bank as joint lead managers and bookrunners for the issue of Islamic bonds.

Reporting by Davide Barbuscia; Editing by Susan Fenton

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