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Dubai's Noor Bank launches $500 million 5-year Sukuk at 6.25 pct.

Pricing for the transaction, which has a perpetual tenor and an option for the Islamic bank to redeem the paper after five years, has been set at 6.25 percent, according to the document.
This is well inside the guidance of the 6.5 percent area which was given late on Monday, which itself was inside initial pricing thoughts.
Order books closed in excess of $1 billion for the deal, which will enhance the sharia-compliant bank's Tier 1, or core, capital.
Noor Bank, rated A- by Fitch Ratings, last week named Citi and Standard Chartered as joint global coordinators, with those banks plus Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank and Sharjah Islamic Bank acting as joint lead managers for the issue.

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