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DIB hires banks to arrange USD Sukuk issuance

DIB hires banks to arrange USD Sukuk issuance
The hired banks will arrange fixed income investor calls
DIB
DIB
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Dubai – Mubasher: Dubai Islamic Bank (DIB) has hired banks to arrange for a planned issuance of US dollar-denominated Additional Tier 1 Sukuk that are non-callable for six years, Reuters reported.

To arrange fixed income investor calls starting on Monday, the hired banks comprise Dubai Islamic Bank (DIB), Emirates NBD Capital, First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered, as shown by a cited document.

The benchmark size of the US dollar-denominated AT1 Sukuk issuance amounts to at least $500 million.

It is noteworthy to mention that in November 2020, the bank 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.