Dubai – Mubasher: Dubai Islamic Bank (DIB) has successfully closed a perpetual non-call 5.5 years Additional Tier 1 Sukuk worth $1 billion, with a profit rate of 4.625% per year.
Through this transaction, which is the only AT1 Sukuk from the GCC in 2020, DIB has achieved the lowest yield by any bank globally, according to a press release on Sunday.
Priced after the bank had completed a global investor call, the Sukuk attracted over 150 local, regional, and international investors.
Hence, the Sukuk, listed on Euronext Dublin and Nasdaq Dubai, was oversubscribed 5.7 times to record an orderbook peaked at $5.7 billion.
The Group CEO of DIB, Adnan Chilwan, commented: "Despite the challenging global environment due to the COVID-19 pandemic during which the market for hybrid capital issuances was shut for quite sometime, DIB created a record of the lowest-ever yield on an AT1 Sukuk by any bank globally."