Noor Bank Successfully Issues $500 Million Sukuk #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Home / News / News Search
News Search
   

Noor Bank Successfully Issues $500 Million Sukuk
(18 April 2018)

 

 Noor Bank, one of the UAE’s leading Shari’a compliant banks, has successfully priced its US$500 million sukuk issuance with a five-year tenor on the back of a strong demand from global investors for the bank’s credit.

The benchmark-sized, senior unsubordinated sukuk with a wakala structure was priced with a profit rate of 4.471 per cent, equivalent to five-year mid-swaps plus 165 bps. Initial pricing guidance of 175 bps area over mid-swaps was given earlier on Tuesday with the strong order book enabling final pricing to tighten.

The issuance, which matures in April 2023, was oversubscribed 2.1 times, receiving orders of US$1.07 billion from 50 bids across a diverse group of investors that included one third from outside the Middle East.  

Speaking  on Tuesday after the transaction closed, following a roadshow that included  Singapore, Dubai, Frankfurt and London, John Iossifidis, Chief Executive of Noor Bank, said: “The order book and pricing of our latest transaction demonstrates the confidence that the wide array of global investors has placed in our future growth strategy and the management who would implement that strategy. That Noor Bank was able to achieve this in the face of relatively tough market conditions and heavy competing supply, including two jumbo sized deals by GCC sovereign issuers, is testament to the recognition and strength of our brand.

“Issuing this sukuk is a significant move for us as we expect it to provide strong support to our financing objectives, in line with our three-year strategy. Moreover, it will help us to diversify our funding sources.”

Citi, Deutsche Bank and Standard Chartered were the joint global coordinators for this issue.  The joint bookrunners were Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Noor Bank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank.

The sukuk will be listed on Nasdaq Dubai.

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance