Dubai Islamic Bank Successfully Completes Issuance of USD 750 Million in Senior Sukuk
February 09, 2022 | Updated at February 09, 2022
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Email United Arab Emirates-based Dubai Islamic Bank (DIB) has completed the issuance of its USD 750 million five-year senior unsecured Sukuk on the 8th of February 2022.
Why it Matters?
The issuance marks the country’s first Sukuk in 2022, prompting access to the international sukuk market to other issuers. Despite concerns around the global interest rate environment from investors, the issuance gained high demand and was oversubscribed more than 2.5 times, attracting more than USD 1.6 billion in offers.
Details
The Sukuk was launched at 95 basis points (bps) above US Treasuries (UST) from an initial indicative value of about 120 bps over UST and has a profit rate of 2.74 per cent per annum.The transaction was arranged b...
