It attracted a total orderbook of around $1.5bn which represents a three times over-subscription rate
Dubai Islamic Bank is now the largest UAE-based sukuk issuer by value on Nasdaq Dubai with a total of $7.3bn listed on the exchange
The sukuk will be used to help fund Acwa’s share of an $8bn acquisition of gasification and power assets at Jazan
The five-year sukuk was oversubscribed nearly three times
The latest listing brings the bank’s current sukuk value on the exchange to $1.5bn
Bank ABC, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, and HSBC, among others acted as joint lead managers and bookrunners for the transaction
Bahrain is on course to rack up a deficit that the International Monetary Fund projects will be at 15.7 per cent of gross domestic product
Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, and Standard Chartered Bank were mandated to manage the issuance process
New structure reduces fees and provides an alternative for local financial institutions traditionally reliant on international brokers
There is a total of $71.09bn sukuk now listed on the exchange
The latest listing raises the total value of sukuk listed in Dubai to $69.29bn
The sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 per cent per annum
This marks GFH’s second sukuk listing on Nasdaq Dubai, following the listing of a $300m sukuk in February this year
A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said
Proceeds from the issue will be partly used to refinance existing debt as well as provide cash for infrastructure investment.
As more regional and international companies turn to Islamic bonds to raise capital, Gulf Business lists the biggest Sukuks issued so far this year.
Current outstanding demand for Islamic bonds totals an estimated $300 billion.
National Industries Group Holding said that it has raised enough finance to repay the Sukuk when it matures on August 16.
The Islamic premium no longer exists says one banking professional, stimulating greater issuance and longer tenors.
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