iPhone | iPad
Android
Huawei
Videos circulating on social media show visibility dropping to near zero on roads, at sea, with terrifying clouds threatening to envelop ships at Suez Canal
KT APPDOWNLOAD
DIB successfully closes lowest priced $1b senior sukuk
The sukuk was 3x oversubscribed with an orderbook that peaked at $3 billion
Dubai Islamic Bank (DIB), rated A3 by Moody's and A by Fitch, successfully priced a landmark $1 billion 5-year sukuk issue with a profit rate of 1.959 per cent per annum.
This transaction represents the lowest ever pricing achieved by DIB on any of their previous sukuk issuances. Despite the heavy sukuk supply witnessed in the market over the last week, this landmark success is a testament to the bank’s strong credit profile and standing with international and regional investors.
The deal was priced intraday after completing investor calls, which were attended by several local, regional and international investors. The sukuk was 3x oversubscribed with an orderbook that peaked at $3 billion clearly highlighting the investor community's reaffirmation of their commitment to UAE and DIB in particular.
Dr. Adnan Chilwan, group CEO of DIB, commented: “We are very pleased with the outcome of our latest transaction. Despite the heavy issuance window, and a clutter of new issuances in the market, DIB once again executed a very successful $1 billion sukuk. In 2021, both our AT1 capital and now senior issuance have been issued at record low levels which is a clear testament to the confidence global markets place in the bank’s robust fundamentals, as well as investor comfort in the broader Dubai and UAE economy.”
The sukuk is issued under DIB Sukuk and is listed on Euronext Dublin and Nasdaq Dubai.
Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector acted as joint lead managers and bookrunners on the transaction.
business@khaleejtimes.com
More news from
Even premium visa services — which residents could opt for by paying Dh400 extra — are no longer available
Abbey’s Productions continues to achieve consecutive success by producing television series admired and watched by millions of viewers in the Arab world
It is aimed at raising awareness on the importance of nature conservation, and is made from over 8,000 plastic bottles and 1,000 plastic bags
He correctly spelt 'psammophile,' meaning an organism that thrives in sandy soils, in the 15th round of the contest's finals
Messi was not among the players the Paris club used to illustrate the tour announcement on their website
The newly launched Hajj Collection is the ideal solution for anyone seeking footwear that combines convenience and comfort during their Hajj journey
A new digital currency could bypass intermediaries like banks and payment processors, facilitating easier trade between BRICS member nations