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|12 September, 2018

Abu Dhabi's Al Hilal Bank markets dollar sukuk

The bank, rated A2 by Moody's and A+ by Fitch, is expected to complete the sukuk sale later on Wednesday.

A branch of UAE based bank Al Hilal is seen in Jumeirah, May 16, 2013.

A branch of UAE based bank Al Hilal is seen in Jumeirah, May 16, 2013.

REUTERS/Jumana El Heloueh

DUBAI  - Abu Dhabi's Al Hilal Bank has given initial price guidance for a five-year U.S. dollar-denominated benchmark sukuk in the area of 165 basis points over mid-swaps, a document issued by one of the banks leading the deal showed on Wednesday.

Benchmark sukuk, or Islamic bonds, are generally meant to be upwards of $500 million.

The bank, rated A2 by Moody's and A+ by Fitch, is expected to complete the sukuk sale later on Wednesday.

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Al Hilal Bank, Dubai Islamic Bank, ENBD Capital, FAB, HSBC, JP Morgan, Nomura, and Standard Chartered Bank are the joint bookrunners.

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