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Dubai Islamic Bank has raised $1 billion from a perpetual non-call six-year benchmark AT1 sukuk, with a profit rate of 6.250%. The pricing was marginally tightened from IPTs in the 6.625% area, with a re-offer price set at par and a yield of 6.625%.
The UAE’s largest Islamic bank, rated A3 by Moody’s and A by Fitch (both stable), saw its orderbook swell in excess of $1.85 billion, excluding JLM interest.
DIB Tier 1 Sukuk (7) Ltd is listed as the issuer on the Regulation S Mudaraba structure, which remains unrated at the time of pricing.
The sukuk is expected to list on Euronext Dublin and Nasdaq Dubai.
In November, the bank raised $1 billion from its debut sustainability-linked sukuk at US Treasuries +90 bps, with a 4.572% semi-annual coupon.
(Writing by Bindu Rai, editing by Seban Scaria)
