DUBAI: 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 tomorrow, 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 $500m. Reuters
