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|20 November, 2018

UAE's Senaat hires banks for planned sukuk- document

The industrial group is planning a 5- to 7-year tenor fixed-rate U.S. dollar-denominated senior unsecured sukuk

Conceptual photo for Islamic finance, economy and profit. Image for illustrative purposes.

Conceptual photo for Islamic finance, economy and profit. Image for illustrative purposes.

Getty Images/Imran Kadir

DUBAI- United Arab Emirates' General Holding Corp PJSC (Senaat) has mandated banks to arrange a series of fixed-income investor meetings in Europe, Asia and the Middle East starting on Thursday, a document seen by Reuters showed.

Senaat has mandated Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank and Standard Chartered Bank as joint lead managers and bookrunners, it said.

The industrial group is planning a 5- to 7-year tenor fixed-rate U.S. dollar-denominated senior unsecured sukuk under their $3 billion Trust Certificate Issuance Programme, subject to market conditions.

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(Reporting by Davide Barbuscia; writing by Saeed Azhar; editing by Jason Neely) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))