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DIFC road shows for benchmark sukuk

bank sarasin penallisedDIFC Investments, the commercial operator of Dubai’s financial free zone, plans to meet fixed income investors from Thursday for a potential benchmark size dollar-denominated sukuk issue, a document from the leads showed on Tuesday.

The company has picked Dubai Islamic Bank, Emirates NBD, Noor Bank and Standard Chartered for the sukuk sale, according to the document.

In September, DIFC said it was seeking to raise as much as $700 million by issuing Islamic bonds, proceeds of which will be partly used to refinance existing debt as well as provide cash for infrastructure investment.

The investor meetings will be held in Asia, Middle East, and Europe and sukuk transaction may follow subject to market conditions, it said.-Reuters