Islamic Finance

Dubai Islamic Bank sells world's lowest-priced additional Tier 1 USD sukuk

BY Staff Writer

15 Apr 2021

News

Salaam Gateway

The UAE's biggest standalone Islamic bank has sold the world's lowest-priced USD additional Tier 1 sukuk.

Dubai Islamic Bank said in a statement on Thursday (Apr 15) that its $500 million perpetual non-call 5.5-year AT1 sukuk sold at a profit rate of 3.375%.

This also makes it the lowest-priced AT1 sale by any conventional or Islamic bank from the GCC.

The sukuk was 5.6 times oversubscribed and orders reached $2.8 billion, said the bank.

The sukuk will be listed on Euronext Dublin and NASDAQ Dubai.

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standard Chartered Bank acted as Joint Lead Managers and Bookrunners on the transaction.

tags:

Sukuk