Chicago, Feb. 28 – Dubai Islamic Bank PJSC (A3/A) priced a $1 billion sustainable sukuk, according to a press release.
The five-year issue will carry a profit rate of 5.243%, representing a spread of 95 basis points to the related U.S. Treasury.
The spread is the lowest the issuer has ever achieved.
Standard Chartered Bank, Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Mashreq, and Sharjah Islamic Bank were joint lead managers.
Standard Chartered Bank is the sole sustainability structurer.
Proceeds will be used for green, social initiatives or ESG projects.
Roadshows were held in Singapore and London for the deal.
The subscription rate was 2.5x deal size.
The issue is listed in Dublin and Nadaq Dubai.
The bank is based in Dubai, United Arab Emirates.
| Issuer: | Dubai Islamic Bank PJSC
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| Amount: | $1 billion
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| Issue: | Sustainable sukuk
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| Tenor: | Five years
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| Bookrunners: | Standard Chartered Bank, Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Mashreq, and Sharjah Islamic Bank
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| Sustainability structurer: | Standard Chartered Bank
|
| Coupon: | 5.243%
|
| Spread: | Treasuries plus 95 bps
|
| Announcement date: | Feb. 27
|
| Marketing: | Roadshow
|
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