Tuesday, May 22, 2012
DUBAI (Zawya Dow Jones)--Dubai Islamic Bank, the U.A.E.'s largest shariah-compliant lender by market value, has launched a $500 million, five-year Islamic bond, or sukuk, sale, after receiving good demand, a banker aware of the transaction said Tuesday.
The launch spread of 365 basis points over mid swaps is tighter than the initial guidance, the banker, who declined to be identified, told Zawya Dow Jones.
Deutsche Bank, DIB, Emirates NBD, HSBC and National Bank of Abu Dhabi are helping arrange the Regulation S transaction, after DIB met fixed-income investors in Asia, Middle East and Europe over the past few days.
Fitch Ratings last week said it has assigned DIB's $2.5 billion trust certificate issuance program a 'A(exp)'expected rating.
Several local banks have tapped the markets this year as appetite for the region's debt remains strong despite challenging global market conditions, buoyed by hopes of robust economic growth fueled by high oil prices.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-05-12 1219GMT
