1.35 AM Tuesday, 21 May 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:05 05:28 12:18 15:42 19:03 20:26
21 May 2024

DIB to price sukuk tomorrow

Lender held roadshows in Asia, UAE and Europe. (Supplied)

By Reuters

Dubai Islamic Bank will price a Tier 1 U.S. dollar sukuk offer as early as on Wednesday after releasing price guidance for the transaction, a document from lead managers said on Tuesday.

The lender set initial price guidance for the capital-boosting sukuk in the area of 7 per cent. The sukuk, with a perpetual tenor, will be benchmark-sized, traditionally understood to mean upwards of $500 million.

The lender held roadshows in Asia, the United Arab Emirates and Europe that ended on Monday; it had said it would issue a bond subject to market conditions.

HSBC and Standard Chartered are joint structuring banks, with Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank and DIB's own investment banking team arranging the deal.