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Dubai Islamic Perpetual Bond Price Beats Estimates on Yield Hunt

Published: 14/03/2013 08:24:11 PM GMT
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Dubai Islamic Bank PJSC (DIB) priced its $1 billion perpetual sukuk lower than investors estimated as the lender benefited from demand for Shariah-com (more)

Dubai Islamic Bank PJSC (DIB) priced its $1 billion perpetual sukuk lower than investors estimated as the lender benefited from demand for Shariah-compliant debt.

The biggest Islamic lender in the United Arab Emirates paid a profit rate of 6.25 percent on its perpetual sukuk with an orderbook in excess of $14 billion, the bank said yesterday. Investors estimated the lender would pay between 6.5 percent and 7.14 percent, according to a Bloomberg survey.

"Dubai Islamic Bank should be very pleased, there was obviously strong demand," said Abdul Kadir Hussain, chief executive officer at Mashreq Capital DIFC Ltd. "Primarily it was a hunt for yield. There aren't too many sukuk out there paying 6 percent anymore."


Sukuk.me Wire External StoryFrom Source: Bloomberg - Read full article here

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