Emirates Islamic’s sustainability sukuk was 2.8x oversubscribed: Emirates Islamic raised USD 750 mn from its debut five-year senior sustainability-linked sukuk, with over USD 2.1 bn in orders, Wam reports. The order book was 2.8x oversubscribed, allowing the lender to tighten the net income rate to a little over 5.4% annually, at a spread of 100 basis points (bps) over US treasuries. The sukuk is part of a broader USD 2.5 bn certificate issuance program.

BACKGROUND- The lender was on track to raise USD 750 from its debut sustainability-linked sukuk earlier this week, after the issuance attracted some USD 1.9 bn in orders. The lender narrowed the price guidance for the five-year sustainability sukuk to 100 bps from an initial price guidance of 130 bps over US Treasuries.

Advisors: Emirates NBD Capital and Standard Chartered Bank were appointed as joint global coordinators, while First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, and the Islamic Corporation For The Development of the Private Sector were selected to act as joint lead managers and joint bookrunners for the transaction.

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