Abu Dhabi Islamic Bank raises $160m from new Sukuk fund
Nasdaq Dubai, the region’s international financial exchange, on Tuesday welcomed the listing of a $750 million sukuk by Dubai Islamic Bank (DIB).
The new five-year sukuk issuance is part of DIB’s $7.5 billion sukuk program and is the UAE’s first sukuk issuance in 2022.
It has been priced at a profit rate of 2.74 percent per annum, 95 basis points over the five-year US Treasury, representing the lowest-ever credit spread on any of DIB’s fixed-rate senior sukuk issuances, a statement said.
DIB added that the issuance was oversubscribed by more than 2.5 times in a “clear testament on the bank’s strong credit profile and attractiveness to international and regional fixed-income investors”.
The new listing strengthens Dubai capital markets’ status among the leading sukuk listing venues globally with a total value of $79.19 billion.