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Dubai Islamic Bank, the biggest Islamic lender in the UAE, has issued a $500 million AT1 sukuk with a profit rate of 5.25%, down from initial price thoughts of 5.75%.
The sukuk will be dual listed on Euronext Dublin and Nasdaq Dubai, with investors from private banks and fund managers in Europe, Asia and the Middle East.
The bank said the transaction represents the lowest yield achieved by an emerging markets bank since April 2022.
Al Rajhi Capital, Dubai Islamic Bank, Emirates NBD Capital, FAB, HSBC, Sharjah Islamic Bank and Standard Chartered Bank are worked on the deal as joint lead managers and joint bookrunners, Reuters reported.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
