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| 17 April, 2018

Dubai's Noor Bank markets $500mln five-year sukuk

The government of Dubai, members of the emirate's ruling family and a select group of United Arab Emirates nationals own 88.3 percent of the bank's shares in aggregate

Noor Bank’s Head Office picture at Emaar Square.

Noor Bank’s Head Office picture at Emaar Square.

Noor Bank/ / Handout via Thomson Reuters Projects

DUBAI: Dubai-based Noor Bank has started marketing a five-year sukuk worth $500 million with an initial price guidance of around 175 basis points over mid-swaps, a document from one of the banks leading the transaction showed.

Noor Bank, rated A-(minus) by Fitch, plans to price the senior unsecured Islamic bonds later on Tuesday.

Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Noor Bank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank have been appointed as bookrunners for the issue.

The government of Dubai, members of the emirate's ruling family and a select group of United Arab Emirates nationals own 88.3 percent of the bank's shares in aggregate, according to its website.

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(Reporting by Davide Barbuscia, Editing by Sherry Jacob-Phillips) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))