September 12, 2018 / 5:16 AM / 7 months ago

Abu Dhabi's Al Hilal Bank markets dollar sukuk

DUBAI, Sept 12 (Reuters) - Abu Dhabi’s Al Hilal Bank has given initial price guidance for a five-year U.S. dollar-denominated benchmark sukuk in the area of 165 basis points over mid-swaps, a document issued by one of the banks leading the deal showed on Wednesday.

Benchmark sukuk, or Islamic bonds, are generally meant to be upwards of $500 million.

The bank, rated A2 by Moody’s and A+ by Fitch, is expected to complete the sukuk sale later on Wednesday.

Al Hilal Bank, Dubai Islamic Bank, ENBD Capital, FAB, HSBC, JP Morgan, Nomura, and Standard Chartered Bank are the joint bookrunners. (Reporting by Davide Barbuscia; Editing by Amrutha Gayathri)

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