Standard Chartered, Emirates NBD and Noor Islamic Bank are among banks that may lend Dubai’s DIFC Investments US$900m to help it pay an Islamic bond, according to two bankers familiar with the deal.
The three banks are the front-runners for the transaction that will enable the company, the owner of properties in the tax-free Dubai International Financial Centre, to pay its US$1.25bn sukuk maturing in June, the bankers said, declining to be identified because the information is private.
Another two banks may join the lenders’ group, although no mandate has been awarded yet, they said.
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