DIB launches 5-year $500m sukuk

Dubai Islamic Bank (DIB) launched a five-year, $500 million Islamic bond, or sukuk, at a spread of 365 basis points over midswaps, arranging banks said on Tuesday.

The launch spread was 10 basis points tighter than initial price guidance released the previous day, indicating good demand for the issue.

Pricing is expected later on Tuesday. Deutsche Bank , Emirates NBD, National Bank of Abu Dhabi , HSBC and DIB itself are bookrunners on the deal.

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