Dubai Islamic Bank sells $300mln in 2026 sukuk reopening, document shows

It set final price guidance at 240-245 basis points over midswaps, tightening from initial price guidance of around 250 bps

  
A branch of Dubai Islamic Bank.

A branch of Dubai Islamic Bank.

Dubai Islamic Bank

DUBAI- Dubai Islamic Bank (DIB), the largest Islamic lender in the United Arab Emirates, sold $300 million in a reopening of its existing sukuk issuance maturing in 2026, a document showed on Tuesday.

The bank set the spread at 240 basis points (bps) over midswaps for the so-called "tap" of the Islamic bonds, tightening from an initial price guidance of about 250 bps over midswaps, the document from a bank arranging the deal showed.

Under a bond tap, an existing transaction is reopened for subscription, using the same documentation as before.

DIB received about $600 million in orders for the tap.

Earlier this month, the bank sold $1 billion in sukuk due in January 2026. The issuance is due to be settled on June 30. 

DIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, the Islamic Corporation for the Development of the Private Sector and Standard Chartered arranged the sukuk reopening.

(Reporting by Yousef Saba; Editing by Louise Heavens and Edmund Blair) ((Yousef.Saba@thomsonreuters.com; +971562166204))

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