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29 May 2023

DIB prices $750m sukuk at 2.921%, oversubscribed 3 times

By Staff

Dubai Islamic Bank on Sunday said its $750 million sukuk issuance maturing in June 2020 carries a profit rate of 2.921 per cent and saw a strong oversubscription.

The bank had held road show in London, Singapore and Kuala Lumpur for the issuance which is part of its $2.5 billion sukuk programme.

The order book was driven by strong demand across the globe, and given the fact that it was oversubscribed nearly three times.

The issuance received more than 85 orders amounting to nearly $2 billion on the back of strong demand from a diverse investor base. The instrument will carry a dual listing on the Irish Stock Exchange and Nasdaq Dubai.

Adnan Chilwan, Chief Executive Officer of Dubai Islamic Bank, commented: “This is the second time this year that DIB has accessed the global capital market. The overwhelming demand from investors has enabled us to price inside DIB's current yield curve, showcasing investor interest for DIB paper in the market.”

Dubai Islamic Bank, First Gulf Bank, HSBC, Maybank, National Bank of Abu Dhabi, and Standard Chartered Bank acted as joint lead managers.

Arab Banking Corporation, Abu Dhabi Islamic Bank, Sharjah Islamic Bank and Union National Bank acted as co-lead managers.