PHOTO
Dubai Islamic Bank has priced its second sustainable sukuk, a $1 billion 5.5-year senior issue with a profit rate of 4.80% per annum.
The pricing for the issuance, the largest-ever by a Middle East financial institution, represents a spread of 102.4 basis points (bps) over five-year US Treasuries, the lender said in a statement on Monday.
The sukuk, which was three times oversubscribed by investors, was issued in line with the bank's Sustainable Finance Framework, which was set up to facilitate financing of green and social initiatives and projects.
The sukuk is issued under DIB Sukuk Ltd. and listed on Euronext Dublin and NASDAQ Dubai.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
