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Emirates narrows price guidance for U.K.-guaranteed sukuk, pricing Weds

  • 24 March, 2015

DUBAI, March 24 (Reuters) - Emirates EMIRA.UL , the Dubai-based airline, has narrowed price guidance for a $913 million sukuk issue that will be guaranteed by Britain's export credit agency, with pricing set to take place on Wednesday, a document from lead managers showed.

The transaction is now earmarked to price at 95 basis points over midswaps, plus or minus 5 bps, the document said on Tuesday. This is inside the guidance of the 100 bps area over the same benchmark issued on Monday. ID:nL6N0WI0H1

Investors have so far committed orders worth around $1.9 billion for the sukuk, the first time the British export credit agency has guaranteed an Islamic bond.

Citigroup, HSBC, JP Morgan and National Bank of Abu Dhabi are the joint structuring agents, with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD and Standard Chartered also acting as joint lead managers.

(Reporting by Archana Narayanan; Writing by David French; Editing by Andrew Torchia) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: EMIRATES SUKUK/