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05 December 2023

DIP tightens guidance on sukuk

By Reuters

Dubai Investments Park, a unit of Dubai Investments, has tightened pricing guidance on its $300 million debut Islamic bond issue, which will price on Thursday, a document from lead managers said on Wednesday.

The five-year sukuk, which has so far attracted orders from investors worth more than $1.5 billion, has current guidance in the area of 300 basis points over midswaps, the document said.

Earlier on Wednesday, a source told IFR, a unit of Thomson Reuters, that initial pricing thoughts were for the deal to price in the low 300 bps over the same benchmark.

Abu Dhabi-based Al Hilal Bank, Citigroup, Dubai Islamic Bank and Emirates NBD are arranging the transaction.