Tuesday, May 22, 2012
(This story was originally published Monday.)
DUBAI (Zawya Dow Jones)--Initial price guidance for Dubai Islamic Bank's planned five-year, benchmark-sized, U.S. dollar Islamic bond, or sukuk, is about 375 basis points over mid swaps, a banker aware of the transaction said Monday.
The U.A.E.'s largest shariah-compliant lender by market value met fixed-income investors in Asia, Middle East and Europe over the past few days and may launch a transaction this week depending on market conditions, the banker, who declined to be identified, told Zawya Dow Jones.
Deutsche Bank, DIB, Emirates NBD, HSBC and National Bank of Abu Dhabi are helping arrange the Regulation S transaction.
Fitch Ratings last week said it has assigned DIB's $2.5 billion trust certificate issuance program a 'A(exp)'expected rating.
Several regional banks have tapped the markets this year as appetite for the region's debt is strong, buoyed by hopes of robust economic growth fueled by high oil prices.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-05-12 0352GMT
