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DIB Sets Final Price Guidance For Benchmark Tier 1 Sukuk

DIB Sets Final Price Guidance For Benchmark Tier 1 Sukuk

The sukuk will be launched and priced later on Wednesday, the arrangers said.

Dubai Islamic Bank, the largest Islamic bank in the United Arab Emirates, has set final guidance for a benchmark-sized sukuk at 6.75 per cent, according to lead arrangers.

The sukuk will be launched and priced later on Wednesday, the arrangers said. Benchmark-sized is traditionally understood to mean upwards of $500 million.

The pricing has tightened after strong interest from investors, with the order book topping $2 billion late on Tuesday, a separate update had stated.

The perpetual sukuk had been marked initially at seven per cent area on Tuesday, after the lender completed roadshows in Hong Kong, Singapore, the United Arab Emirates and London.

HSBC and Standard Chartered are joint structuring banks, with Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank and DIB’s own investment banking team are arranging the deal.

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