Dubai Islamic Bank Closes Landmark $750 Million Sukuk #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Home / News / Company News
Company News
   

Dubai Islamic Bank Closes Landmark $750 Million Sukuk
(19 November 2019)

 

Dubai Islamic Bank PJSC, DIB, successfully closed a US$%750 million 5-year Sukuk with a profit rate of 2.950 percent per annum, which is equivalent to 140bps over the 5-year Mid Swap Rate.

The transaction is DIB’s second foray into the international capital markets in 2019, the first being a $750mn Additional Tier 1 Sukuk priced earlier this year. The Sukuk’s profit rate of 2.95 percent is the tightest achieved by an FI Sukuk in 2019. DIB is rated A3 by Moody's and A by Fitch (both stable).

The deal was priced intraday after completing a global roadshow in Hong Kong and London, as well as several investor calls. The meetings were used to demonstrate management’s ability to deliver on its strategy and showcase the strong credit fundamentals of the bank. The roadshow resulted in significant demand from Middle astern, Asian and European investors, with an orderbook that closed in excess of USD 2bn, representing an oversubscription rate of 2.7 times.

Dr. Adnan Chilwan, the Group Chief Executive Officer of the bank, commented "The success of DIB’s Sukuk is a testament to the confidence investors place in the bank’s robust fundamentals, as well as their comfort in the broader Dubai and UAE story. We are extremely pleased with the outcome of this transaction and remain committed to our local and global investors who continue to support our diversified funding strategy".

The Sukuk was issued as a drawdown under DIB’s USD 7.5 billion Trust Certificate Issuance Programme which is listed on Euronext Dublin and NASDAQ Dubai.

Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Maybank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank acted as Joint Lead Managers and Bookrunners on this transaction. The Islamic Corporation for the Development of the Private Sector acted as a Joint Lead Manager (no books) and Kuwait International Bank acted as a Co-manager.

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance