Jafza initial price thoughts low 7% area

Mon Jun 11, 2012 1:56pm IST

LONDON, June 11 (IFR) - Dubai's Jebel Ali Free Zone has released initial price thoughts in the low 7% area for its forthcoming Reg S sukuk, according to two sources.

The deal is being arranged by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, National Bank of Abu Dhabi and Standard Chartered.

The government-owned entity is meeting investors in London on Monday and Tuesday, having started a roadshow in Asia and the Middle East last week, ahead of a sukuk issue which will likely carry a seven-year tenor.

Jafza is raising funds to refinance a USD2.04bn-equivalent local currency sukuk which matures in November. (Reporting by Isla Binnie, editing by Sudip Roy)