DUBAI, June 19 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
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
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.
(Reporting by Rachna Uppal; Editing by David French)