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DIB closes lowest pricing on $500m Sukuk issuance

DIB closes lowest pricing on $500m Sukuk issuance
The Sukuk is listed on Euronext Dublin and Nasdaq Dubai
DIB
DIB
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Dubai – Mubasher: Dubai Islamic Bank (DIB) has priced a perpetual non-call five and a half year Additional Tier 1 (AT1) Sukuk issuance worth $500 million with a 3.375% profit rate per annum.

This transaction records the lowest pricing closed by a GCC bank on an AT1 instrument and the lowest on a US dollar AT1 Sukuk globally, according to a press release on Thursday.

Although the transaction has a low yield, DIB saw 5.6 oversubscriptions for the AT1 Sukuk with an orderbook of $2.8 billion, attracting several local, regional, and international investors.

The Sukuk is listed on Euronext Dublin and Nasdaq Dubai. 

DIB, Emirates NBD Capital, First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered Bank acted as joint lead managers and bookrunners on this transaction.