By Cady Vishniac
Detroit, Nov. 20 – Dubai Islamic Bank PJSC has sold $1 billion of additional tier 1 capital certificates (A3//A) through its subsidiary, DIB Tier 1 Sukuk (4) Ltd., according to an offering document.
The first call date for the perpetual notes is May 19, 2026. They can be called at any time from the first call date to the reset date and then on any coupon payment date thereafter.
The securities will callable every six years on coupon reset dates, the first of which is Nov. 19, 2026. Until then, the coupon is 4 5/8%, payable semiannually on May 19 and Oct. 19. Application has been made for listing with Euronext Dublin, and the notes were listed on Nasdaq Dubai Friday.
Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Sharjah Islamic Bank and Standard Chartered Bank are the managers.
Proceeds will be used by DIB to enhance its tier 1 capital as well as for general corporate purposes.
The bank is based in Dubai, United Arab Emirates.
| Issuer: | DIB Tier 1 Sukuk (4) Ltd.
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| Guarantor: | Dubai Islamic Bank PJSC
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| Issue: | Tier 1 capital certificates
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| Amount: | $1 billion
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| Maturity: | Perpetual
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| Bookrunners: | Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Sharjah Islamic Bank and Standard Chartered Bank
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| Trustee: | HSBC Corporate Trustee Co. (UK) Ltd.
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| Coupon: | 4 5/8% with reset date every six years beginning Nov. 19, 2026
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| Price: | Par
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| Call option: | Starting on May 19, 2026; any date between first call date and first reset date and then on any coupon payment date thereafter
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| Pricing date: | Nov. 18
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| Issue date: | Nov. 19
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| Ratings: | Moody’s: A3
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| Fitch: A
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| Distribution: | Regulation S
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