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Dubai - Drake & Scull International, or DSI, has set initial price guidance for its senior perpetual US dollar sukuk at around nine per cent, a document from lead managers showed on Wednesday, marking the first such offering from the Gulf in 18 months.
The engineering and construction company has structured the bond with only three years to the first call date and five years to the second, with a rate reset and a coupon increase of 500 basis points if the sukuk are not called in the fifth year, the document showed.
The size of the offering is expected to be between $150 million and $200 million, a document from the lead arrangers said. Emirates NBD Capital and HSBC are joint global coordinators and are joined by Al Hilal and Standard Chartered as the joint lead managers.
No Gulf corporate has issued a perpetual bond in the international markets since GEMS Education priced a $200 million non-call five-year sukuk in November 2013.
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