June 9, 2020 / 11:04 AM / a month ago

UPDATE 1-Dubai Islamic Bank sells $1 bln in long 5-yr dollar sukuk - document

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By Yousef Saba

June 9 (Reuters) - Dubai Islamic Bank, the United Arab Emirates’ largest Islamic lender, sold $1 billion in long five-year dollar sukuk, a document showed on Tuesday, closing a deal the bank had postponed during financial market volatility earlier this year.

It sold the Islamic bonds at 245 basis points over midswaps, tightening the spread by 35 bps from its initial price guidance earlier on Tuesday.

It received around $4.5 billion in orders for the sukuk, which will mature on January 16, 2026.

DIB hired Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, The Islamic Corporation for the Development of the Private Sector, KFH Capital, Sharjah Islamic Bank and Standard Chartered to arrange the deal.

Reuters reported last week that DIB was reviving a planned sukuk issuance that it had postponed due to turbulent market conditions resulting from the new coronavirus outbreak. (Reporting by Yousef Saba; Editing by Muralikumar Anantharaman and Alex Richardson)

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