Nasdaq Dubai today (February 15) welcomed the listing of a $750 million sukuk (Islamic bond) by Dubai Islamic Bank (DIB). The five-year new sukuk issuance is part of DIB’s $7.5 billion sukuk programme.

 

The UAE’s first sukuk issuance in 2022 has been priced at a profit rate of 2.74 per cent per annum, 95 basis points over the 5-year US Treasury representing the lowest-ever credit spread on any of DIB’s fixed-rate senior sukuk issuances.

 

The issuance was oversubscribed by more than 2.5 times in a clear testament on the bank’s strong credit profile and attractiveness to international and regional fixed-income investors.

 

The new listing strengthens Dubai capital markets’ status amongst the leading sukuk listing venues globally with a total value of $79.19 billion.