With a profit rate of 4.625% annually

Dubai Islamic pricing out a billion dollar sukuk issue

Adnan Chilwan: "The subscription book was closed at a value of more than $ 5.7 billion."

Dubai Islamic Bank announced yesterday that it has succeeded in pricing the issuance of standard permanent sukuk for additional capital of tier 1 at a value of one billion dollars, with a profit rate of 4.625% annually.

The bank stated, in an explanation published on the Dubai Financial Market website, that the pricing of the deal was made on November 14, following the conclusion of a call with international investors, as the sukuk attracted the interest of more than 150 major investment institutions.

The book closed, at a value of more than $ 5.7 billion, representing a coverage ratio of about 5.7 times the subscription in this issue.

The sukuk were issued under the Dubai Islamic Bank's Level 1 (4) Limited Sukuk issuance program, and were listed on both the Euronext Dublin and Nasdaq Dubai stock exchanges.

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank listed on the Abu Dhabi Securities Exchange, HSBC Bank, Sharjah Islamic Bank listed on the Abu Dhabi Stock Exchange, and Standard Chartered Bank were authorized to act as issuance managers. The co-chairs and the subscribing registry managers for this issue.

Nasdaq Dubai listed a billion dollar sukuk by Dubai Islamic Bank.

The CEO of Dubai Islamic Bank Group, Adnan Chilwan, said that despite the unstable global conditions, which resulted in the market being closed to hybrid capital issuances for some time, Dubai Islamic Bank was able to implement this deal, indicating that the subscription book was closed at a value that exceeded $ 5.7 billion, representing 5.7 times the coverage of the subscription.

Pricing for the deal took place on November 14th, and the sukuk attracted the interest of 150 major investment institutions.

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