The Islamic Development Bank has given initial price guidance for a planned five-year Islamic bond at around mid-60s basis points over the five-year U.S. secured overnight financing rate (SOFR), a bank document showed.
BNP Paribas, Credit Agricole, Dukhan Bank, Goldman Sachs, The Islamic Corporation for the Development of the Private Sector, JPMorgan, Mizuho , SNB Capital and Standard Chartered are joint lead managers on the sale, expected to price on Thursday, the document said.
The Jeddah-based multilateral lender last tapped the market in April, raising $1.6 billion in five-year sukuk.
New bond issues in the Gulf have plummeted this year amid volatile markets and rising interest rates.
But there were three snap issuances on Tuesday, when benchmark rates edged slightly lower, as Saudi Arabia raised $5 billion with sukuk and bonds, Abu Dhabi wealth fund Mubadala raised $1 billion and top Dubai bank Emirates NBD issued $500 million. — Reuters
In recognition of his honesty and integrity, Dubai police awarded Ali Jamal Al Balushi with a certificate of appreciation
Strong demand is outpacing supply at a faster rate this year than estimated, especially after the UAE’s removal from FATF Grey List
The initiative is expected to boost public transport usage
Authorities urged people to wear face masks and glasses when doing outdoor activities
In 10 years, all operations of Dubai International Airport will be transferred to Al Maktoum International
The meeting saw the formation of four technical committees, one for roads and infrastructure, one for houses and properties, one for dams and water facilities, and one for energy and water
Distance learning also implemented due to nationwide transportation strike