This transaction carries the lowest price ever achieved by DIB on any of the previous sukuk issues. Although the market witnessed heavy sukuk issuances during the past week, the success of Dubai Islamic Bank in completing this landmark transaction is the best proof of the bank’s strong credit position and the great position it enjoys with international and regional investors alike.
The subscription exceeded three times the value of the sukuk, as the volume of the subscription amounted to 3 billion US dollars, which reflects the great confidence placed by global investors in the UAE and Dubai Islamic Bank in particular.
Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: “We are very pleased with the results of this latest transaction. Despite the many options and the market overwhelmed with new issues, DIB succeeded once again in issuing a $1 billion sukuk. During this year, we issued standard perpetual sukuks for additional Tier 1 capital and premium sukuks at the lowest levels ever, which is the best proof of the global markets’ confidence in the bank’s solid foundations, as well as the confidence of investors in the economy of Dubai and the UAE in general.”
The Sukuk was issued under the Dubai Islamic Bank Limited Sukuk Program and listed on Euronext Dublin and Nasdaq Dubai.
Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, National Bank of Abu Dhabi, HSBC, KFH Capital, Standard Chartered Bank, and the Islamic Corporation for the Development of the Private Sector have been authorized to act as joint lead bookrunners and joint bookrunners for these Sukuk.