DIB prices $750m Sukuk issuance

Dubai – Mubasher: Dubai Islamic Bank (DIB) has priced a five-year Sukuk issuance worth $750 million with a profit rate of 2.74% per year.

The transaction, which is the first Sukuk issuance from the UAE in 2022, was more than 2.5 times oversubscribed, according to a press release on Wednesday.

The Sukuk is issued under DIB Sukuk and is listed on Euronext Dublin and Nasdaq Dubai.

The joint lead managers and bookrunners on the deal comprise Bank ABC, DIB, Emirates NBD Capital, First Abu Dhabi Bank (FAB), KFH Capital, HSBC, Sharjah Islamic Bank, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector.

The Group CEO of DIB, Adnan Chilwan, said: "Final pricing at 95 basis points over the 5Y US Treasury represents the lowest-ever credit spread on any of our fixed-rate Senior Sukuk issuances - an achievement all the more noteworthy given the current volatile state of markets."

It is noteworthy to mention that in 2021, DIB reported a rise in the net profits attributable to the owners to AED 4.39 billion, compared to AED 3.29 billion in 2020.

Mubasher Contribution Time: 09-Feb-2022 07:53 (GMT)
Mubasher Last Update Time: 09-Feb-2022 07:53 (GMT)