Published: November 4, 2014
UAE financial freezone sells first dollar-denominated Islamic issuance.
The Dubai International Finance Centre (DIFC), a financial freezone home to more than 1,100 companies, has launched its first dollar-denominated sukuk to raise US$700mn.
The centre is raising new capital to finance further development of its infrastructure. The 10-year, Reg S sukuk has been priced at midswaps plus 185 basis points, tightened from initial pricing guidance of low 200s. The orderbook closed at more than US$3bn.
Dubai Islamic Bank, Emirates NBD Capital, Noor Bank and Standard Chartered Bank are running the deal, having organised a roadshow across the Middle East, Asia and Europe.