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UPDATE 1-Emirates Strategic Investments Co readies debut dollar sukuk sale

  • 15 July, 2019

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DUBAI, July 15 (Reuters) - Emirates Strategic Investments Co, a firm owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi's royal family, has hired banks to arrange investor meetings ahead of a debut U.S. dollar-denominated sukuk issuance, a document showed.

Rated Baa3 by rating agency Moody's, the company, which has a portfolio of assets across different sectors in the United Arab Emirates, has hired Standard Chartered STAN.L and First Abu Dhabi Bank FAB.AD as coordinators for the planned five-year Islamic bond sale, according to the document issued by one of the leading banks.

The two lenders have also been mandated as joint lead managers along with Bank ABC ABCB.BH , Dubai Islamic Bank DISB.DU , Emirates NBD Capital ENBD.DU , National Bank of Bahrain NATB.BH , and Warba Bank WARB.KW .

The planned deal will be a benchmark transaction, which generally means a size of more than $500 million, and is part of a $1 billion issuance programme.

Investor meetings will take place in Singapore, Hong Kong, UAE and London, starting on July 17, the document showed.

Sheikh Mansour is the owner of English football club Manchester City.

(Reporting by Davide Barbuscia; Editing by Saeed Azhar and Kirsten Donovan) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))