Dubai plans to launch a dual-tranche Islamic bond imminently, the banks arranging the issue said on yesterday, and is expected to attract healthy investor demand. The five- and ten-year benchmark sukuk is Dubai’s first Islamic bond since 2009. Initial guidance was seen around 5 and 6.5 per cent respectively for the two tranches.
Sources told Reuters earlier yesterday that the emirate had mandated four banks — Citigroup, HSBC, National Bank of Abu Dhabi and Dubai Islamic Bank — for a bond that could raise up to $1.5 billion (Dh5.5 billion)………………………………………..Full Article: Source