Emirates Islamic closes $500m Sukuk issuance – GulfToday

  • Date: 21-Sep-2020
  • Source: Gulf Today
  • Sector:Economy
  • Country:UAE
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Emirates Islamic closes $500m Sukuk issuance – GulfToday

Emirates Islamic closes $500m Sukuk issuance

2 hours ago

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Business Bureau, Gulf Today

Emirates Islamic, one of the leading Islamic financial institutions in the UAE and rated A+ (stable) by Fitch, has successfully closed the issuance of a $500 million 5-year Sukuk from its $2.5 billion Certificate Issuance Programme.

The landmark issuance rated A+ by Fitch will be listed on NASDAQ Dubai and Euronext Dublin. Investors showed strong appetite which resulted in an order book of $1.2 billion which was roughly 2.4 times issuance size with a profit rate of 1.827%, the lowest achieved by a UAE bank in the past ten years.

The investor base was diversified geographically, with 41% placed into the Middle East and North Africa, 28% allocated to Asia, 17% to US offshore investors