Dubai Islamic Bank lists $750 million Sukuk on Nasdaq Dubai
The issuance was oversubscribed by more than 2.5 times
Dubai Islamic Bank on Tuesday listed a $750 million Sukuk on Nasdaq Dubai.
The new five-year Sukuk issuance is part of the lender’s $7.5 billion Sukuk programme.
The UAE’s first Sukuk issuance in 2022 has been priced at a profit rate of 2.74 per cent per annum, 95 basis points over the five-year US Treasury, representing the lowest-ever credit spread on any of DIB’s fixed-rate senior Sukuk issuances.
The issuance was oversubscribed by more than 2.5 times in a clear testament on the bank’s strong credit profile and attractiveness to international and regional fixed-income investors.
The new listing strengthens Dubai capital markets’ status amongst the leading Sukuk listing venues globally with a total value of $79.19 billion.