DUBAI: Dubai Islamic Bank, the largest sharia-compliant lender in the emirate, issued final guidance for a $1 billion hybrid sukuk on Wednesday, arranging banks said.
Final guidance for the perpetual sukuk, which is aimed at shoring up its core or Tier 1 capital, was set at a profit rate of 6.25 percent, tighter than official guidance released on Tuesday, suggesting demand for the deal was substantial.
Lead arrangers said order books were over $14 billion on Wednesday. The deal will launch and price later on Wednesday.
HSBC Holdings, Standard Chartered, National Bank of Abu Dhabi, Emirates NBD and DIB itself are mandated lead arrangers for the deal. (Reuters)