The UAE-based Emirates Islamic Bank, the Islamic arm of Dubai’s biggest lender Emirates NBD, has successfully priced its $750 million green sharia-compliant sukuk at a profit rate of 5.431% per year, at a spread of 100 basis points over five-year US Treasuries.

The issuance, which saw robust demand from investors, was oversubscribed 2.8 times, the bank said on Wednesday.

The issuance was under the bank’s $2.5 billion Certificate Issuance Programme and is the first ever sustainability sukuk issued by the lender.

(Reporting by Brinda Darasha; editing by Bindu Rai)