Dubai to sell benchmark two-part dollar, dirham sukuk notes Wednesday

By Paul A. Harris

St. Louis, Oct. 26 - Dubai is expected to price a benchmark two-part sukuk offering on Wednesday, according to a market source.

The deal is comprised of dirham-denominated five-year floating-rate notes due 2014, which are talked at a high 300 basis points area spread to Euribor.

In addition Dubai plans to sell dollar-denominated five-year fixed-rate notes, talked at high 300 bps spread to mid-swaps.

Mitsubishi UFJ Securities, Standard Chartered Bank and UBS Investment Bank are leading the Regulation S-only offering.

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