UAE's Emirates Islamic Bank prices 3-yr, $272.26mln dirham-denominated sukuk

Reuters

The local currency sukuk was priced at 5.05%, tighter than initial guidance of 5.25%, after orders topped 2.5 billion dirhams

Rachna Uppal, Reuters News

February 8, 2023

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DUBAI - Emirates Islamic Bank, majority-owned by Emirates NBD - Dubai's biggest lender - priced a three-year 1 billion dirham ($272.26 million) Islamic bond, or sukuk, on Wednesday, fixed income news service IFR reported.

The local currency sukuk was priced at 5.05%, tighter than initial guidance of 5.25%, after orders topped 2.5 billion dirhams.

Emirates NBD was sole global coordinator on the sukuk sale, while Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Standard Chartered Bank were mandated joint lead managers and bookrunners.

($1 = 3.6729 UAE dirham)

(Reporting by Rachna Uppal,)

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