Emirates Islamic made headlines with its landmark $750 million senior unsecured sukuk. Issued through a special purpose vehicle, the deal marked a significant development for the Islamic finance sector in the UAE and wider region.
The issuance attracted overwhelming demand, closing with an order book of $2.1 billion – an oversubscription of 2.8 times the initial offering. The sukuk was priced competitively with a profit rate of 5.431% per annum, tightened to a spread of 100 basis points over five-year US Treasuries.
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