Dubai Islamic Bank to Issue over USD 200 Million of Existing Sukuk in Tap Sale

In a document released by one of the banks arranging the deal, Dubai Islamic Bank (DIB) stated its plans to issue more than USD 200 million, tapping into its existing Sukuk due 2026. In a securities tap, an existing transaction is re-opened for subscription, utilising the same documentation as done previously.

DIB has set the price guidance for the Sukuk at 240-245 basis points (bps) over midswaps, this being lower than its initial price guidance of around 250 bps.

The deal, which closed on the 23rd of June 2020, has seen DIB raise over USD 500 million in orders.

Earlier in June 2020, DIB issued a five-year USD-denominated Sukuk at a total value...