Dubai to come back to debt market with 10-year sukuk, 30-year bonds

It has mandated Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered to arrange the calls, which will begin on Monday

  
Image used for illustrative purpose. United Arab Emirates dirham.

Image used for illustrative purpose. United Arab Emirates dirham.

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DUBAI  - Dubai has hired banks to arrange investor calls ahead of a potential sale of U.S. dollar-denominated 10-year sukuk, or Islamic bonds, and 30-year conventional bonds, a document showed.

It has mandated Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered to arrange the calls, which will begin on Monday, the document issued by one of the banks and seen by Reuters showed.

It plans to issue benchmark bonds - which generally are upwards of $500 million - as part of a $6 billion sukuk issuance programme and of a $5 billion bond issuance programme, the document showed.

The new issuance could bolster the finances of the Middle East trade, finance and tourism hub, which has been hit hard by the coronavirus crisis this year.

(Reporting by Davide Barbuscia; Editing by Kim Coghill) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))