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Dubai's DAMAC launches sukuk at tight end of guidance

Reuters - UK Focus

DUBAI, April 2 (Reuters) - Dubai's DAMAC Real Estate launched its five-year, $650 million sukuk issue on Wednesday at midswaps plus 310 basis points, at the tight end of revised guidance, a document from arrangers showed.

The size of the issue was expanded to $650 million from the originally planned $500 million. Books exceeded $2.8 billion shortly before they closed.

On Tuesday, DAMAC set initial price thoughts for the sukuk at midswaps plus the mid-300s, tightened later that day to the midswaps plus 325 bps area.

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)