Flydubai Narrows Price Guidance For $500m Sukuk

Budget carrier Dubai Aviation Corp, known as flydubai, has narrowed price guidance for a $500 million Islamic bond issue, which will price later on Wednesday, a document from lead managers said.

Pricing guidance for the five-year sukuk has been tightened to a range of 200 basis points to 212.5 basis points over midswaps, as per the document, after setting initial guidance in the area of 225 basis points over the same benchmark on Tuesday.

Orders for the sukuk topped $2.6 billion and the book is expected to close at 1030 GMT, the document showed.

Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered are the arrangers for the sukuk sale.