Arab Today, arab today dubai islamic bank prices 750m sukuk
Last Updated : GMT 11:38:26
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Dubai Islamic Bank prices $750m Sukuk

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Arab Today, arab today Dubai Islamic Bank prices $750m Sukuk

Dubai Islamic Bank
Dubai - WAM

Dubai Islamic Bank has successfully priced a US$750 million Sukuk issuance, maturing on 3rd June 2020. The issuance from DIB's US$ 2.5 billion Sukuk programme carries a profit rate of 2.921%, reflecting the strong demand for credit and the confidence investors have in the world's first Islamic bank.

This landmark transaction was executed following a global roadshow covering key financial centres in London, Singapore and Kuala Lumpur. The issuance ultimately received more than 85 orders amounting to nearly US$2 billion on the back of insatiable demand from a diverse investor base. The instrument will carry a dual listing on the Irish Stock Exchange and NASDAQ Dubai.

Initial price thoughts of MS+140bps area were released to investors at 06:00 a.m. London time on Wednesday 27th May 2015. The early guidance was further tightened following the strong demand generated for the transaction. With a final outcome at MS+130bps +/-5bps, the issuance was subsequently priced at a profit rate of 2.921% (MS+125bps spread), this being notably inside DIB's existing Sukuk yield curve, representing a strong appetite for DIB's paper and investor interest in Sukuk issuances.

The order book was driven by strong demand across the globe, and, given the fact that it was oversubscribed nearly three times, DIB continued to support the investor base across Middle East, GCC, Asia, Europe and other regions.

The varied investor type shows the demand for DIB credit across a broad spectrum of global investors with participation coming from banks, fund managers, private banks, supranationals, pension funds and insurance companies, amongst others.

Dr. Adnan Chilwan, Chief Executive Officer of Dubai Islamic Bank, commented, "This is the second time this year that DIB has accessed the global capital market with a successful result. The overwhelming demand from investors has enabled us to price inside DIB's current yield curve, showcasing investor interest and hunger for DIB paper in the market."

Dubai Islamic Bank, First Gulf Bank, HSBC, Maybank, National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Lead Managers on the offering, and the Arab Banking Corporation, Abu Dhabi Islamic Bank, Sharjah Islamic Bank and Union National Bank acted as Co-lead Managers on the offering.

 

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