Books for Emirates Islamic Bank’s sukuk exceed $1b pre-UK opening

Singapore: Books for Emirates Islamic Bank’s international sukuk issue exceeded $1 billion (Dh3.67 billion) before the opening of British business, an arranger said on Monday.

Emirates Islamic Bank gave initial guidance of mid-swaps plus the 240 basis point area for a US dollar 5-year benchmark wakala sukuk.

The issue is expected to be rated A+ by Fitch. The bonds will be listed on the Irish Stock Exchange and Nasdaq Dubai.

Emirates Islamic and Standard Chartered are joint global coordinators. They are also bookrunners with AHB, Bank ABC, Dubai Islamic Bank, Emirates NBD, HSBC, Maybank and Noor.

Pricing will be as early as Monday.