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Emirates Islamic Bank (EIB), rated A+ (stable) by Fitch, has priced its $500 million, long five-year benchmark Reg S senior unsecured sustainability-linked sukuk on par, with a 4.54% profit rate payable semi-annually in arrear.
The final orderbook was in excess of $1 billion, excluding JLM interest.
The initial price thoughts of the Wakala/Murabaha structure were in the +125 bps area, with the spread to benchmark at +95 bps.
El Sukuk Company is listed as the issuer, with EIB, a subsidiary of lender Emirates NBD, named as obligor.
Banks mandated include Arab Banking Corporation, Citi, DIB, Emirates NBD Capital, Mashreq, and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners.
Emirates NBD Capital and Standard Chartered Bank are acting as Joint Sustainability Structurers.
The expected rating of the sukuk is A+ by Fitch, which will come under EI Sukuk Company Ltd.’s $4 billion Certificate Issuance Programme.
It will be listed on Nasdaq Dubai and Euronext Dublin, with a settlement date of September 23.
(Writing by Bindu Rai, editing by Seban Scaria)
