Dubai's Noor Bank launches $500m 5-year debut sukuk

Dubai's Noor Bank has launched a $500 million, five-year debut sukuk issue that will price later on Tuesday, a document from lead arrangers showed.

The transaction was set to price at a spread of 130 basis points over midswaps, at the tight end of final guidance of 130-135 bps over midswaps. Initial pricing guidance of around 140 bps over midswaps was given earlier on Tuesday.

The lender, which is issuing sukuk with a wakala structure, had obtained orders worth about $1.9 billion, an earlier document showed.

The bank, which counts state funds Investment Corporation of Dubai and Dubai Holding among its owners, has chosen Standard Chartered as global coordinator and Al Hilal Bank, Barwa Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Qinvest and Sharjah Islamic Bank as joint lead  managers for the issue.

Follow Emirates 24|7 on Google News.