By Rebecca Melvin
New York, Jan. 16 – DIB Tier 1 Sukuk (3) Ltd., a subsidiary of Dubai Islamic Bank PJSC, priced $750 million of perpetual Tier 1 capital certificates at par for a profit rate of 6¼%, or Treasuries plus 366.4 basis points, according to a market source on Wednesday.
The certificates are callable at par on Jan. 22, 2025 or on each profit distribution date thereafter. They are also callable following a capital event at 101%.
Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank were joint lead managers and bookrunners of the Regulation S deal.
The certificates will be listed on the Irish Stock Exchange, trading as Euronext Dublin and Nasdaq Dubai.
Dubai Islamic Bank is the largest Islamic bank in the United Arab Emirates.
| Issuer: | DIB Tier 1 Sukuk Ltd.
|
| Obligor: | Dubai Islamic Bank PJSC
|
| Issue: | Tier 1 capital certificates
|
| Amount: | $750 million
|
| Maturity: | Perpetual
|
| Joint lead managers: | Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank
|
| Distribution amount: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | Treasuries plus 366.4 bps
|
| Calls: | Callable on Jan. 22, 2025 at par and on each distribution date thereafter
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Distribution: | Regulation S
|
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