DIB plans to issue US dollar AT1 Sukuk
- Date: 05-Apr-2021
- Source: Mubasher
- Sector:Financial Markets
- Country:UAE
DIB plans to issue US dollar AT1 Sukuk
Dubai – Mubasher: The ordinary general meeting (OGM) of Dubai Islamic Bank (DIB) plans to issue the US dollar-denominated Additional Tier 1 (AT1) Sukuk within this week, two sources told Reuters.
AT1 bonds, which are the riskiest debt instruments banks can sell, are perpetual in nature; however, issuers can call them after a specified period.
It is noteworthy to mention that in November 2020, the bank successfully closed a perpetual non-call 5.5 years Additional Tier 1 Sukuk worth $1 billion, with a profit rate of 4.625% per year.
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