Dubai Islamic Bank PJSC (DIB) said demand for its Islamic bond exceeded the $500 million on sale by four times.
The issue, the lender's first since March 2007, was priced at 365 basis points above the benchmark midswap rate and was the most expensive sale by a bank in the Persian Gulf this year, data compiled by Bloomberg show.
"The new issue is driven by the need to maintain a presence in the international debt capital markets and a prudent strategy to diversifying our funding sources," Deputy Chief Executive Officer Adnan Chilwan said in an e-mailed statement today.
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