{"id":74928,"date":"2022-11-23T01:52:41","date_gmt":"2022-11-23T01:52:41","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/23\/dubai-islamic-banks-maiden-green-sukuk-issue-was-nearly-2x-oversubscribed\/"},"modified":"2022-11-23T01:52:41","modified_gmt":"2022-11-23T01:52:41","slug":"dubai-islamic-banks-maiden-green-sukuk-issue-was-nearly-2x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/23\/dubai-islamic-banks-maiden-green-sukuk-issue-was-nearly-2x-oversubscribed\/","title":{"rendered":"Dubai Islamic Bank\u2019s maiden green sukuk issue was nearly 2x oversubscribed"},"content":{"rendered":"

<\/a> Dubai Islamic Bank (DIB) sold USD 750 mn of its maiden sustainable <\/strong>Shariah-compliant bonds (sukuk)<\/strong>, Reuters<\/a> reported yesterday, citing a bank document. The five-year notes were sold at 155 basis points (bps) over five-year US treasuries, tightened from initial guidance on the back of high demand. DIB is the first Islamic bank in the UAE to issue sustainable sukuk bonds.<\/p>\n

The issuance was a little over <\/strong>2x oversubscribed<\/strong>, drawing more than USD 1.6 bn in orders from would-be investors, according to the document cited by Reuters. The bonds had initially been priced at around 175 bps over five-year US treasuries.<\/p>\n

Where\u2019s the money going? <\/strong>The funds will be used to fund projects pertaining to renewable energy, energy efficiency, sustainable transport, green buildings and wastewater management, the bank said last month<\/a> when it set up the green financing framework ahead of the issuance.<\/p>\n

Green bond issuances in the GCC (particularly for banks) have been on a roll recently:<\/strong> The GCC has been a hotbed of successful green bond issuances this year, with Abu Dhabi Commercial Bank (ADCB) raised USD 500 mn<\/a> in a green bond sale in September \u2014 an issuance that was almost 4x oversubscribed, demonstrating strong investor demand in regional sustainable bonds. More recently, Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), sold USD 3 bn in green bonds<\/a> last month \u2014 which were almost 6x oversubscribed.<\/p>\n

T<\/strong>here\u2019s more coming down the MENA pipeline:<\/strong> \u200b\u200bEgypt wants to roll out USD 500 mn<\/a> in green bonds before the end of the fiscal year \u2014 which ends in July 2023.<\/p>\n

Advisers:<\/strong> Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, HSBC, Sharjah Islamic Bank and Standard Chartered were named as advisers in earlier reporting by Reuters<\/a>.<\/p>\n

enterprise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai Islamic Bank (DIB) sold USD 750 mn of its maiden sustainable Shariah-compliant bonds (sukuk), Reuters reported yesterday, citing a bank document. The five-year notes were sold at 155 basis points (bps) over five-year US treasuries, tightened from initial guidance on the back of high demand. DIB is the first Islamic bank in the UAE […]<\/p>\n","protected":false},"author":1,"featured_media":74929,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[530,83,638,11,49,164,153],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-dubai-islamic-bank","tag-enterpriseclimate","tag-green-bonds","tag-green-finance","tag-green-sukuk","wpautop","entry"],"acf":{"mongo_id":"6e6ee2c2-c2c7-4f60-93cd-237f2f8b0999","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/114.jpg","photo_position":"above","related_issue":[74923],"teaser":"","voice_url":""},"yoast_head":"\nDubai Islamic Bank\u2019s maiden green sukuk issue was nearly 2x oversubscribed - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/23\/dubai-islamic-banks-maiden-green-sukuk-issue-was-nearly-2x-oversubscribed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai Islamic Bank\u2019s maiden green sukuk issue was nearly 2x oversubscribed\" \/>\n<meta property=\"og:description\" content=\"Dubai Islamic Bank (DIB) sold USD 750 mn of its maiden sustainable Shariah-compliant bonds (sukuk), Reuters reported yesterday, citing a bank document. 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