Nasdaq Dubai Lists $600 Million Sukuk Issued by ICD

Nasdaq Dubai Lists $600 Million Sukuk Issued by ICD

Nasdaq Dubai has listed $600 million sukuk issued by the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB), taking the total value of sukuk listed in Dubai to $74.05 billion.

The five-year sukuk was issued at 140 basis points over the mid-swaps rate and was approximately three times oversubscribed, including orders from the joint lead managers.

The diversity of the orderbook saw investors from Europe, Asia, and the Middle East. Four per cent of the issuance was subscribed by UK/European investors, 21 per cent from Asia and 75 per cent from the Middle East. By investor type, fund managers were allocated 13 per cent, banks/private banks 57 per cent, agencies/central banks 29 per cent and others one per cent.

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