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."
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