Dubai Islamic Bank prices $1bn 6.250% Tier 1 Capital issuance
Dubai Islamic Bank announced the successful pricing of a $1bn Tier 1 Capital-eligible issuance, with a perpetual (non-call 6) maturity. The issuance carries a profit rate of 6.25%, which represents the best yield ever achieved by a GCC bank on public Tier 1 transaction. The transaction was allocated to investors across the Middle East (38%), Asia (29%), Europe (29%) and US Offshore (4%). In addition, the types of accounts were also well balanced, with Banks (33%), Private Banks (32%), Fund Managers (29%), Hedge Funds (5%) and Other (1%) investors anchoring the orderbook. Dubai Islamic Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Lead Managers on the offering.