Dubai-based Sobha Realty plans dollar sukuk sale – document

Dubai-based Sobha Realty plans dollar sukuk sale – document

Dubai-based developer Sobha Realty has hired banks to arrange a planned offering of U.S. dollar-denominated Islamic bonds and will hold investor calls for the planned debt sale, a bank document showed on Wednesday. Dubai Islamic Bank, Emirates NBD Capital, Mashreq and Standard Chartered are joint global coordinators and are joined by Sharjah Islamic Bank as joint lead manager, the document from one of the arranging banks said. They will hold a global investor call on Wednesday followed by several one-on-one and small-group fixed income investor calls from Wednesday to Friday. A sale of senior unsecured five-year sukuk non-callable for three years, of benchmark size - typically at least $500 million - will follow, subject to market conditions. (Reporting by Yousef Saba; Editing by Andrew Heavens)