“Emirates Islamic” announced its success in issuing an unaccounted priority sukuk of $ 750 million on March 18, an achievement that supports the march of the strategic growth of the bank, and reflects the continuous progress in the Islamic finance sector. The volume of requests for the version on the version was 1.6 billion dollars, with the subscription requests exceeding the size of the supply by 2.1 times, which allowed the bank to reduce the difference from the initial pricing by 30 basis points to a final level at 95 basis points above the return of US treasury bonds for five years, which is equivalent to an expected return by 5.059% annually.
The release was widely popular with international investors, as 80% of the sukuk was allocated to regional investors, and 20% remaining for international investors. The number of subscribers reached more than 100 investors, among them a large number of new investors who were subscribed for the first time on the bank’s instruments, which reflects the growth and reputation of the Emirates Islamic reputation among international investors.
On this occasion, the CEO of the “Islamic Emirates”, Farid Al -Mulla, said: “The Emirates Islamic is pleased to announce the success of his issuance from the uninterrupted priority bonds of $ 750 million, and this achievement confirms the growing interest of the global investment community in the Islamic Emirates. Islamic financing is expected to achieve strong growth and witness a great development in the level of products and structures. The Emirates Islamic is obligated to invest the offering revenues to support the growth of the UAE economy.
(Emirates NBD Capital, HSBC Bank, Mashreq Bank, Dubai Islamic Bank, Standard Charterd and Sharjah Islamic Bank, as the joint head of the issuance.
Follow our latest local and sports news and the latest political and economic developments through Google News