New Issue: Dubai Islamic Bank prices $1 billion five-year sukuk to yield mid-swaps plus 115 bps

By Rebecca Melvin

New York, Jan. 31 – DIB Sukuk Ltd., a subsidiary of Dubai Islamic Bank PJSC, priced $1 billion of 3 5/8% Islamic bonds due 2023 (expected ratings: A3//A) at 99.588 to yield 3.716%, or mid-swaps plus 115 basis points, according to a market source on Wednesday.

Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank were joint lead managers and bookrunners, and Union National Bank and Boubyan were co-leads of the Regulation S notes that were priced under the bank’s $4 billion trust certificate issuance program.

Listings on the Irish Stock Exchange and Nasdaq Dubai are planned.

Dubai Islamic Bank is the largest Islamic bank in the United Arab Emirates.

Issuer:	DIB Sukuk Ltd.
Obligor:	Dubai Islamic Bank PJSC
Issue:	Senior unsecured sukuk
Amount:	$1 billion
Maturity:	Feb. 6, 2023
Joint lead managers:	Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank
Co-lead managers:	Union National Bank and Boubyan
Distribution amount:	3 5/8%
Price:	99.588
Yield:	3.716%
Spread:	Mid-swaps plus 115 bps
Pricing date:	Jan. 30
Settlement date:	Feb. 6
Distribution:	Regulation S
Expected ratings:	Moody’s A3
	Fitch: A

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