UPDATE 1-Dubai Islamic Bank to boost Tier 1 capital via sukuk sale
Dubai Islamic Bank (DIB) plans to boost its capital through the sale of a sharia-compliant debt instrument. DIB will hold investor meetings in Asia, the Middle East and Europe starting on March 7 ahead of issuing the dollar-denominated, benchmark-sized hybrid sukuk, subject to market conditions. The bank hopes to raise at least $500 million from the sale, but the final size will depend on demand. Emirates NBD, HSBC Holdings, National Bank of Abu Dhabi, Standard Chartered and the bank itself were chosen to arrange the deal.