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Emirates Islamic Bank issues punchy $500m sukuk

January 12, 2012 | You can access the full text of this article on Euroweek website

Dubai-based Emirates Islamic Bank has issued a $500m benchmark sukuk. The dollar denominated deal has a five year maturity and was priced at par on Tuesday at 350bp over mid-swaps, with a profit rate of 4.718%.

The deal received an order book of $1.5bn, despite achieving a tight price relative to Dubai government bonds. Dubai's outstanding 2015 note was quoted at 483bp over mid-swaps on Tuesday, while its 2020 was 511bp.

Issue: Emirates Islamic Bank, 4.718% 18jan2017, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedUnited Arab Emirates01/18/2017500,000,000 USDWithdrawn/-/NR

Company: Emirates Islamic Bank

Full company nameEmirates Islamic Bank
Country of riskUnited Arab Emirates
Country of registrationUnited Arab Emirates


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