Books open for Dubai Islamic hybrid sukuk
DUBAI, March 12
DUBAI, March 12 (Reuters) - Books are open for the planned issue of a sharia-compliant debt instrument by Dubai Islamic Bank, which is expected to price this week, lead arrangers said on Tuesday.
Initial guidance for the instrument's profit rate is in the 7 percent area, they said.
Last week Dubai Islamic, the largest sharia-compliant lender in the United Arab Emirates by assets, said it planned to issue a dollar-denominated, benchmark-sized hybrid sukuk, subject to market conditions.
The sukuk is expected to boost the bank's Tier 1 capital, becoming the region's second such deal. In November, Abu Dhabi Islamic Bank raised Tier 1 capital in a deal which attracted order books of over $15 billion from global accounts. (Reporting by Rachna Uppal; Editing by Andrew Torchia)
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Radar showed missing plane may have turned back: Malaysia military
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Malaysian plane presumed crashed; questions over false IDs |
- Merkel raps Putin as Russian forces tighten grip on Crimea |