25.04.2012 - Dubai issues dual-tranche Sukuk
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
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