Dubai Fund ICD Plans Sukuk, Bond Offering As Early As Wednesday

Investment Corporation of Dubai (ICD), the state-owned fund which holds stakes in some of the emirate’s top companies, plans to sell a dual-tranche bond and sukuk offering as early as Wednesday, a document from lead arrangers said.

The fund aims to issue an Islamic bond with a six year lifespan and a conventional bond offering of 10 years duration, the document said. The dollar-denominated transaction will be benchmark-sized, although the document didn’t specify if this was meant for each tranche or both of them combined.

Benchmark size is traditionally understood to mean in excess of $500 million.

ICD plans to conclude meetings with fixed income investors on Tuesday, the document said. The roadshows are being arranged by Citigroup, Dubai Islamic Bank, Emirates NBD, HSBC and Standard Chartered.