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Dubai's DAMAC tightens guidance on sukuk issue

Reuters - UK Focus

DUBAI, April 1 (Reuters) - Pricing guidance for a $500 million sukuk issue by Dubai's DAMAC Real Estate was tightened to the midswaps plus 325 basis points area, according to information from a lead arranger on Tuesday.

Earlier, DAMAC set price thoughts for its five-year sukuk at midswaps plus the mid-300s.

Books now exceed $2.25 billion. The sukuk is expected to launch and price on Wednesday.

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)