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Dubai's sukuk issue raised to $1 billion
DUBAI - Overwhelming investor interest has led to the Dubai Department of Civil Aviation increasing the size of its sukuk issue to $1 billion. The original size of the issue was $ 750 million and was oversubscribed almost two times. Dubai Islamic Bank (DIB) is acting as the mandated lead manager for the sukuk.
The $1 billion sukuk will have a five-year maturity period with a semi-annual coupon and has been priced at 0.45 per cent above the six-month $ Libor rates.
DIB and the consortium of banks behind the DCA sukuk have managed a significant reduction compared to the Dh1.5 billion conventional bond issue made by the Government of Dubai during IMF 2003 which was priced at 0.475 per cent with a similar maturity period.
The issue has been fully underwritten by a six-member group of banks acting as joint lead managers including DIB, Citigroup, Gulf International Bank, HSBC, Kuwait Finance House and Standard Chartered Bank. Together with DIB, Citigroup and HSBC officiated as joint book-runners for the deal. The sukuk has been able to attract wide investor participation. The sukuk includes Arab Bank, ABC Islamic Bank and Mashreqbank as senior co-lead managers. Gulf Investment Corporation, Islamic Development Bank and Bank Negara Malaysia are co-lead managers.
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