Tuesday, Jun 19, 2012
(This story was originally published Monday)
DUBAI (Zawya Dow Jones)--Dubai-based Tamweel (TAMWEEL.DFM), an Islamic mortgage provider, has mandated banks to arrange a series of investor meetings starting this week and may issue an asset-backed, U.S. dollar Islamic bond, or sukuk, depending on market conditions, a banker aware of the deal said Monday.
Abu Dhabi Commercial Bank, Emirates NBD and UBS Investment Bank will arrange the investor meetings in the Middle East, Asia and Europe from June 19, the banker, who declined to be identified, told Zawya Dow Jones.
A regulation S sukuk transaction, backed by properties and receivables located in Dubai, may follow, the banker added. The planned sukuk will be listed on the Irish Stock Exchange.
Several companies in the region have tapped the debt market recently and bankers expect more issuance as concerns about the euro zone ease somewhat. Islamic Development Bank, a pan-regional lender, is expected to price its planned benchmark-sized sukuk this week.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-06-12 0339GMT
