Dubai Islamic Bank (DIB), the largest Sharia-compliant lender in the UAE by assets, launched a $1 billion hybrid sukuk. The perpetual sukuk, which is aimed at shoring up its core or Tier 1 capital, launched at a profit rate of 6.25 per cent, in line with final guidance released earlier in the day.
The final guidance was substantially tighter than initial price talk of 7pc, after arranging banks said order books totalled $14bn, indicating massive demand for the deal. HSBC Holdings, Standard Chartered, National Bank of Abu Dhabi, Emirates NBD and DIB itself are mandated lead arrangers for the deal……………………………………Full Article: Source