Dubai Electricity and Water Authority (Dewa) has issued initial price guidance for a five-year, benchmark-sized Islamic bond, or sukuk, a document from lead arrangers said on Tuesday.

The emirate's sole utility is aiming to sell the dollar-denominated sukuk in the low 3 percent area, the document said.

Benchmark-sized is typically understood to mean at least $500 million.

Dewa is meeting fixed income investors in London and Asia this week ahead of the possible sukuk sale, which is due to price this week.

Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank are mandated joint bookrunners on the deal. – Reuters