Dubai’s Emirates Islamic closes $500m sukuk issuance

Dubai’s Emirates Islamic closes $500m sukuk issuance

Dubai's Emirates Islamic has closed the issuance of a $500m five-year sukuk from its $2.5bn certificate issuance programme.

The issuance rated A+ by Fitch will be listed on NASDAQ Dubai and Euronext Dublin, Dubai Media Office reported.

Strong investor resulted in an order book of $1.2bn, roughly 2.4 times the issuance size with a profit rate of 1.827 per cent, the lowest achieved by a UAE bank in a decade.

.@emiratesislamic successfully closes US$ 500 million Sukuk issuance, from its US$ 2.5 billion Certificate Issuance Programmehttps://t.co/7i61pbofFi pic.twitter.com/L5ub9mWbki

“” Dubai Media Office (@DXBMediaOffice) September 21, 2020

The investor base was geographically diversified, with 41 per cent from the Middle East and North Africa, 28 per cent allocated to Asia, 17 per cent to US offshore investors and 14 per cent into Europe.

Salah