Emirates Islamic Bank Raises USD 500 Million in Sukuk to Support Liquidity

Emirates Islamic Bank (EIB) has sold USD 500 Million in Sukuk on the 16th of September 2020, according to a document released from one of the banks arranging the deal to media.

The Sukuk deal, which has a tenure of five years, received approximately USD 1.1 billion in orders and was priced at 150 basis points (bps) over mid-swaps, around 20 bps tighter than its initial marketing price, according to the document.

Media reported that Emirates NBD Capital, HSBC, the Islamic Corporation for the Development of the Private Sector, and Standard Chartered arranged the Sukuk deal on behalf of EIB.

The Sukuk is among other issuances by Gulf banks looking to se...