DUBAI, May 23 (Reuters) - Dubai-based Noor Bank is expected to price a capital-boosting sukuk issue of benchmark size on Tuesday, a document from lead managers said.

Pricing guidance for the transaction, which has an order book currently worth more than $1 billion, has been revised to the area of 6.5 percent, the document said.

An earlier update from lead arrangers on Monday had said initial guidance was set in the mid- to high 6 percent area.

The U.S. dollar-denominated sukuk has a perpetual tenor, with an option for the Islamic bank to redeem the paper after five years. The offer will enhance Noor Bank's Tier 1, or core, capital.

Benchmark size is traditionally understood to mean upwards of $500 million.

Noor Bank, rated A- by Fitch Ratings, last week named Citi and Standard Chartered as joint global coordinators, with those banks plus Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank and Sharjah Islamic Bank acting as joint lead managers for the issue.



(Reporting by David French; Editing by Andrew Torchia) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: NOOR BANK SUKUK/