{"id":82712,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/","title":{"rendered":"Dubai International Bank prices its USD 1 bn green sukuk issuance"},"content":{"rendered":"

DIB sets a price for sustainable sukuk issuance<\/strong>:<\/strong>The Dubai Islamic Bank (DIB) has priced its recently issued<\/a> USD 1 bn five-year green sukuk at an annual profit rate of 5.24% after the issuance was 2.5x oversubscribed, according to a statement (pdf)<\/a>. DIB\u2019s sukuk issuance \u2014 listed on the Euronext Dublin and Nasdaq Dubai bourses \u2014 marks the largest sustainable issuance by a Middle East financial institution in nearly a year. <\/p>\n

The details:<\/strong> The annual profit rate of 5.24% represents a spread of 95 basis points over five-year US Treasuries, the statement notes. The initial price guidance for the Islamic debt sale was first placed around 125 basis points over US Treasuries, according to a document seen by Reuters<\/a> earlier this week. <\/p>\n

A record for DIB: <\/strong>\u201cPricing on the deal reflects the lowest ever credit spread achieved by DIB and making the bank one of the select few Middle East financial institutions to remain inside the US Treasury +100 basis point [range] for a senior issuance,\u201d the bank said in its statement.<\/p>\n

On a roll: <\/strong>This is DIB\u2019s third sustainable sukuk issuance since the bank published<\/a> its sustainable finance framework in 2022. The bank was among the financial advisors for the Saudi National Bank\u2019s planned sustainability-linked sukuk<\/a> announced earlier this month.<\/p>\n

Advisors: <\/strong>Mashreq, along with Al Rajhi Capital, Arab Banking Corporation (ABC), Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and Standard Chartered are serving as lead managers and joint bookrunners. DIB will also be among the lead managers and joint bookrunners. Standard Chartered will independently manage sustainability standards.<\/p>\n

IN OTHER UAE DEBT NEWS- Sharjah is lining up an issuance: <\/strong>The Sharjah government is expected to raise USD 750 mn from its USD-denominated benchmark sustainable bond issuance after narrowing the price guidance to around 195 basis points (bps) over US treasuries, Reuters<\/a> reports, citing a bank document. <\/p>\n

Orders for the issuance topped USD 4 bn<\/strong>, prompting Sharjah to tighten the price guidance from an initial spread of 235 bps<\/a> over US treasuries. <\/p>\n

ADVISORS- <\/strong>Emirates NBD Capital and HSBC are joint global coordinators, lead managers, and bookrunners, while Citi, Credit Agricole CIB, and Standard Chartered Bank will act as joint lead managers and bookrunners. HSBC will serve as the sole ESG structuring agent. <\/p>\n","protected":false},"excerpt":{"rendered":"

The USD 1 bn sustainability-linked Shariah-compliant bond will have a 5.24% annual profit rate<\/p>\n","protected":false},"author":1,"featured_media":82713,"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":[83,11,164,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseclimate","tag-green-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"a4822259-e324-452e-afc6-d18f679201d7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2873.jpg","photo_position":"above","homepage_title":"","full_issue_title":"! Dubai International Bank prices its USD 1 bn green sukuk issuance","related_issue":[82703],"teaser":"The USD 1 bn sustainability-linked Shariah-compliant bond will have a 5.24% annual profit rate","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.9731b152-dcdb-43e9-9daa-a2f68789827c.mp3"},"yoast_head":"\nDubai International Bank prices its USD 1 bn green sukuk issuance - 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\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai International Bank prices its USD 1 bn green sukuk issuance\" \/>\n<meta property=\"og:description\" content=\"The USD 1 bn sustainability-linked Shariah-compliant bond will have a 5.24% annual profit rate\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-29T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2873.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Dubai International Bank prices its USD 1 bn green sukuk issuance\",\"datePublished\":\"2024-02-29T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/\"},\"wordCount\":380,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2873.jpg?fit=%2C&ssl=1\",\"keywords\":[\"DEBT WATCH\",\"EnterpriseClimate\",\"green finance\",\"UAE\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2024\/02\/29\/dubai-international-bank-prices-its-usd-1-bn-green-sukuk-issuance\/\",\"name\":\"Dubai International Bank prices its USD 1 bn green sukuk issuance - 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