Tamweel eyes $235m sukuk

Moody's says Islamic bond is mortgage-backed

Dubai-based Islamic mortgage lender Tamweel plans to raise $235 million from the sale of a mortgage-backed sukuk secured on properties in the emirate and related receivables, according to a rating statement from Moody's.

The certificates are due to mature in 2046, according to the agency's provisional rating, released on Tuesday.

Tamweel, a unit of Dubai Islamic Bank, has not disclosed a target size for the proposed sale. It kicked off investor meetings on Tuesday in Abu Dhabi and roadshows are due to end on June 25.

The company issued a similarly-structured deal in 2007.

Abu Dhabi Commercial Bank, UBS and Emirates NBD have been mandated to arrange the meetings.

Moody's has provisionally assigned the floating rate certificates Aa3, six notches higher than Tamweel's standalone credit rating of Baa3. DIB is rated Baa1 by the agency.

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