By Sam Bridge
Dubai Islamic Bank says $750m five-year sukuk was oversubscribed with order book in excess of $2bn
Dubai Islamic Bank has successfully closed a $750 million five-year sukuk, its second foray into the international capital markets in 2019.
The deal was priced intraday after completing a global roadshow in Hong Kong and London, as well as several investor calls, the bank said in a statement.
It added that the roadshow resulted in significant demand from Middle Eastern, Asian and European investors, with an order book that closed in excess of $2 billion, representing an oversubscription rate of 2.7 times.
Dr Adnan Chilwan, group CEO of the bank, said: “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 $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 and Kuwait International Bank acted as a co-manager.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.