Dubai Islamic Bank issues $ 750 million sukuk for second time in 2019

Dubai Islamic Bank has issued a US $ 750 million Sukuk on a five-year term with a profit rate of 2.950% per annum, which is equivalent to 140 basis points, in addition to the average return of five-year swap contracts.

This is the second experience of DIB in the international capital market for 2019, with the first issue of US $ 750 million of additional Tier 1 Sukuk earlier this year. The Sukuk profit rate of 2.95% is the lowest among Sukuk issuances. Financial institutions in 2019.

The deal was priced during the day following the completion of global promotional campaigns involving Hong Kong and London as well as to meet investor demand.

These meetings were organized to demonstrate the ability of the management to implement its strategy and showcase the bank's strong credit fundamentals.The promotional campaign resulted in a high turnout of investors from the Middle East, Asia and Europe with the closing of the IPO of more than US $ 2 billion, representing an increase of 2.7 times.

"Dubai Islamic Bank Sukuk issues For the second time during the year evidence of investor confidence in the bank They are also comfortable with the overall march of Dubai and the UAE And We are very pleased with the outcome of this transaction and will remain committed to our local and global investors who continue to support our diversified funding strategy ".Group CEO said .

Dubai Islamic Bank successfully closes landmark USD 750 million Sukuk, read more https://t.co/EDJR06wpwa pic.twitter.com/C7Dq7wYPPN

— Dubai Islamic Bank (@DIBtoday) November 18, 2019

The instruments were issued in the form of Financial Withdrawal within the program of issuing credit certificates Worth 7.5 billion dollars From Dubai Islamic Bank, which is listed on "Euronext Dublin" and "NASDAQ Dubai".

Some banks have been mandated to act as joint lead managers and joint bookrunners for this issue ABC Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC Bank, Maybank, Sharjah Islamic Bank, Standard Chartered Bank, Warba Bank.

The Islamic Corporation for the Development of the Private Sector (ISDF) also participated as a Joint Lead Manager and Kuwait International Bank as an Associate Manager.