Emirates Islamic Bank raised USD 500 mn through a five-year sustainability-linked sukuk that was more than 2x oversubscribed, according to Zawya. The Reg S senior unsecured notes priced at 4.54%, or 95 bps over US Treasuries — tightened by 30 bps from initial guidance. The notes are scheduled to settle on 23 September and will be listed on Nasdaq Dubai and Euronext.

ICYMI- Earlier this week, EIB tapped banks to market the offering, which falls under the lender’s USD 4 bn trust certificate program. The issuance comes just seven months after EIB tapped the market with a USD 750 mn sukuk. The lender is rated A+ with a stable outlook by Fitch.

ADVISORS- Our friends at Mashreq are joint leads and bookrunners alongside Bank ABC, Citi, Dubai Islamic Bank, Emirates NBD Capital, and Standard Chartered. Emirates NBD Capital and Standard Chartered are also acting as joint sustainability structurers.

REMEMBER- GCC banks are on track to issue a record USD60 bn in debt this year, according to Fitch, with sukuk accounting for nearly half of non-CD supply. UAE lenders have contributed around USD 11 bn so far in 2025, second only to Saudi banks, with ESG-linked debt formats gaining traction.

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