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Dubai's DAMAC sukuk expanded to $650 mln, pricing tightened further

Reuters - UK Focus

DUBAI, April 2 (Reuters) - Pricing guidance for a five-year sukuk issue by Dubai's DAMAC Real Estate was tightened further amid strong investor demand, with final guidance issued in the range of midswaps plus 310-320 basis points.

The size of the issue was expanded to $650 million from the originally planned $500 million, a document from arrangers showed.

Books, which are to close at 1000 GMT in London on Wednesday, now exceed $2.8 billion.

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)