The Government of Dubai has picked five banks to arrange a benchmark-sized, dollar-denominated Islamic bond, or sukuk, which could price as early as Tuesday, a document from lead banks said.
Initial pricing on the sukuk was indicated in the low 4 percent area, the document said. Benchmark-sized offerings are traditionally worth at least $500 million.
The emirate mandated Dubai Islamic Bank, Emirates NBD, HSBC Holdings, National Bank of Abu Dhabi and Standard Chartered to arrange the deal.
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