Dubai Islamic Bank PJSC (\u201cDIB\u201d), rated A3 by Moody’s and A by Fitch successfully priced\u00a0its third Sustainable Sukuk\u00a0\u2013\u00a0a\u00a0landmark USD 1 billion 5-year\u00a0senior\u00a0issue with a profit rate of\u00a05.243% per annum representing\u00a0a spread of 95bps over 5-Year US Treasuries.<\/p>\n
The\u00a0Sukuk was issued\u00a0in line with\u00a0DIB\u2019s Sustainable Finance Framework which\u00a0was created to facilitate financing of green, social initiatives and other ESG\u00a0projects. Pricing on the deal reflects the lowest ever credit spread achieved by DIB and making the bank one of the select few Middle East Financial Institutions to remain inside UST +100bps for a Senior issuance. The USD 1 billion size is the largest Sustainable issuance by a Middle East Financial Institution in nearly a year.<\/p>\n
This deal once again demonstrated\u00a0DIB\u2019s\u00a0leadership\u00a0in Islamic\u00a0Sustainable\u00a0Finance, supported by an established and strong investor following from Europe, Asia and the Middle East. The Sukuk was priced after completing a comprehensive marketing exercise with roadshows in Singapore and London, where DIB updated investors on its positive financial performance\u00a0as well as its long term ESG strategy and plans. Despite issuing a larger size (USD 1 billion), DIB achieved a 2.5x subscription, a clear indication of how well the Bank\u2019s financial and sustainability story resonates with regional and global investor base.<\/p>\n
Dr. Adnan Chilwan, Group Chief Executive Officer at DIB<\/strong>,\u00a0<\/strong>commented, \u201cWe are delighted to announce the successful issuance of our third Sustainable Sukuk today. This achievement affirms our steadfast commitment to ESG which aligns with the UAE\u2019s Net Zero agenda and the Dubai Clean Energy Strategy. Despite the issuance in an extremely crowded market environment, we significantly accelerated the transaction execution given the overwhelming response with orders exceeding $2.5 billion. This enabled us to comfortably issue a larger size well within our pricing parameters. I would like to extend my sincere appreciation to our investors for their continued trust and confidence.\u201d<\/p>\n The Sukuk is issued under DIB Sukuk Ltd. and listed on Euronext Dublin and NASDAQ Dubai.<\/p>\n Standard Chartered Bank acted as Sole Sustainability Structurer and Joint Lead Manager, joined by Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, KFH Capital, Mashreq, and Sharjah Islamic Bank as Joint Lead Managers on the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":" Dubai Islamic Bank PJSC (\u201cDIB\u201d), rated A3 by Moody’s and A by Fitch successfully priced\u00a0its third Sustainable Sukuk\u00a0\u2013\u00a0a\u00a0landmark USD 1 billion 5-year\u00a0senior\u00a0issue with a profit rate of\u00a05.243% per annum representing\u00a0a spread of 95bps over 5-Year US Treasuries. The\u00a0Sukuk was issued\u00a0in line with\u00a0DIB\u2019s Sustainable Finance Framework which\u00a0was created to facilitate financing of green, social initiatives and […]<\/p>\n","protected":false},"author":1,"featured_media":60404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/60403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/comments?post=60403"}],"version-history":[{"count":1,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/60403\/revisions"}],"predecessor-version":[{"id":60405,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/60403\/revisions\/60405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media\/60404"}],"wp:attachment":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media?parent=60403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/categories?post=60403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/tags?post=60403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}