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DUBAI: Dubai Islamic Bank sold $750 million of its debut sustainable Islamic bond on Tuesday, a bank document showed.

The sukuk, which mature in five years, were sold at 155 basis points (bps) over U.S. Treasuries, tightened from initial guidance of around 175 bps over after demand topped $1.6 billion, the document showed.

Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, HSBC, Sharjah Islamic Bank and Standard Chartered are arranging the debt sale.

Major Gulf bourses fall in early trade as oil retreats

The deal comes as issuers in the Gulf - where international bond sales have plummeted this year amid enduring volatility and rising rates - pounce on windows of opportunity to issue debt in choppy markets.

Dubai’s Mashreq raised $500 million in Tier 2 bonds last Thursday, on the heels of a $700 million bond sale by Banque Saudi Fransi a day before.

Comments

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Yousuf Ibnul Hasan Nov 22, 2022 08:55pm
Islamic Finance do not participate in Bond due to debt base. Financing system offer Sukuk which differ to bonds. How come the issuers ignorent to difference between Bonds and Sukuk?
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