April 11, 2018 / 6:34 AM / 3 months ago

UPDATE 1-Dubai's DAMAC starts marketing dollar sukuk in 6 percent area

(Adds two banks in list of joint lead managers)

DUBAI, April 11 (Reuters) - Dubai real estate developer DAMAC Properties has given initial price guidance in the 6 percent area for a five-year dollar sukuk issue expected to be between $400 million and $500 million, a document from one of the banks leading the deal showed.

DAMAC also announced that it had received indicative tenders of around $181 million from holders of its outstanding $650 million sukuk due 2019 that the company offered to purchase for cash.

The new sukuk is expected to price later on Wednesday.

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 potential issue of Islamic bonds. (Reporting by Davide Barbuscia; Editing by Saeed Azhar)

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