Emirates Islamic successfully closes US$ 500 million Sukuk issuance

SourceZawya
SectorEconomy
CountryUnited Arab Emirates

Dubai: 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 US$ 500 million 5-year Sukuk from its US$ 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 USD$ 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 and 14% into Europe. The success of this transaction, in an especially busy ...read more...