Dubai may launch dollar sukuk this year

Dubai may launch a dollar-denominated Islamic bond as early as the third quarter of this year after well-received presentations to investors last week, banking sector sources familiar with the roadshow said on Monday.

One source at the arrangers of the roadshow — run by HSBC and Mitsubishi UFJ — declined to confirm whether Dubai might issue a bond later this year.

But a fund manager familiar with the presentations said they had pointed to a 7-10 year sukuk, and a senior fixed income trader said the issue could come in the third quarter.