April 10, 2017 / 8:11 AM / 4 months ago

UAE's DAMAC gives initial price guidance for dollar sukuk - lead

DUBAI, April 10 (Reuters) - DAMAC Properties, a United Arab Emirates real estate company, has set initial price guidance for its planned five-year dollar sukuk in the mid 6 percent area, a document from one of the banks leading the deal showed on Monday.

The Regulation S senior, unsecured Islamic bond will be of benchmark size, which usually means upwards of $500 million. The sukuk is expected to price on April 11, the document said.

DAMAC, the second-largest listed Dubai developer, is rated BB with a stable outlook by Standard & Poor's.

Reporting by Davide Barbuscia, editing by Louise Heavens

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