January 22, 2013 / 1:52 PM / 5 years ago

Dubai launches USD1.25bn dual-tranche bond - source

LONDON, Jan 22 (IFR) - Dubai (unrated) has launched a USD1.25bn dual-tranche bond comprising both sukuk and conventional notes.

A USD750m 10-year sukuk note was launched at a yield of 3.875%, inside guidance of 4% area. A 30-year conventional tranche was also added on the back of reverse enquiry, which has launched for USD500m at 5.375%, the tight end of the guidance range.

Books are subject on both tranches globally. Dubai Islamic Bank, Emirates NBD, HSBC, NBAD and Standard Chartered are the leads (though DIB is not a bookrunner on the 30-year tranche). (Reporting by Sudip Roy; Editing by Philip Wright)

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