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Dubai's DAMAC sets price thoughts for 5-year USD sukuk

Reuters - UK Focus

DUBAI, April 1 (Reuters) - Dubai's DAMAC Real Estate set price thoughts for its five-year, benchmark-sized U.S. dollar sukuk issue, in basis points, at midswaps plus the mid-300s, a document from arrangers showed on Tuesday.

The issue is expected to be arranged this week. The proceeds will be used for DAMAC's general corporate purposes; benchmark-sized is generally taken to mean at least $500 million.

Joint lead managers are Abu Dhabi Islamic Bank, Barclays (LSE: BARC.L - news) , Citigroup (NYSE: C - news) , Deutsche Bank (Xetra: DBK.DE - news) , Dubai Islamic Bank, Emirates NBD and National Bank (NYSE: NBHC - news) of Abu Dhabi.

DAMAC is the first Dubai property developer to list equity in London. Its sukuk will be listed on the Irish Stock Exchange and NASDAQ Dubai. (Reporting by Umesh Desai; Writing by Andrew Torchia)