Dubai’s Noor Bank Sets Price Thoughts For $500m 5-yr Debut Dollar Sukuk

Initial price thoughts were set in the 140 basis points area over midswaps for the sukuk, which have an agency-based structure known as wakala.



Dubai’s Noor Bank is marketing a $500 million, five-year debut U.S. dollar sukuk issue, which could price as early as Tuesday, a document from lead arrangers showed.

Initial price thoughts were set in the 140 basis points area over midswaps for the sukuk, which have an agency-based structure known as wakala.

The bank, which counts state funds Investment Corporation of Dubai and Dubai Holding among its owners, has appointed Standard Chartered as global coordinator and Al Hilal Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Qinvest, and Sharjah Islamic Bank as joint lead managers.