Emirates Islamic closes $ 500m sukuk – Arab Post

Emirates Islamic has announced that it has successfully closed a $ 500 million 5-year-old Sukuk issued by its $ 2.5 billion Certificate Issuance Program.

The major issue, rated A + by Fitch, is listed on NASDAQ Dubai and Euronext Dublin’s Regulated Market. Investors showed a strong appetite, which resulted in an order book that peaked at $ 1.2 billion, which was 2.4 times the issue size. This strong demand, from a global investment base, enabled the Bank to tighten the spread on the sukuk by 25 basis points from initial guidance, resulting in a profit of 2.082% per annum. This price represents the lowest spread ever paid by a UAE bank since 2008 for a US $ benchmark public debt issue, further reiterating the Bank’s strong appeal to investors.

The transaction reopened the debt capital markets for regional issuers after a period of volatility, proving strong leadership from Emirates Islamic.

Emirates NBD Capital and Standard Chartered Bank served as Global Coordinators and were joined by Abu Dhabi Islamic Bank, Arab Banking Corporation, Dubai Islamic Bank, HSBC Bank, the Islamic Corporation for the Development of the Private Sector and “KFH Capital Investment Company KSCC as Joint Chief Executive Officers and Joint Librarians The Kuwaiti International Bank served as Co-Manager.

Leave a Comment