ICD reopens public sukuk market with bumper 10 year

By Lucy Fitzgeorge Parker
26 Jan 2017

Dubai’s sovereign wealth fund defied doubters on Wednesday with the successful launch of a $1bn 10 year sukuk at tight pricing levels.

Bankers and investors had questioned the extent of appetite both for longer dated Gulf Co-operation Council (GCC) paper and for the name, given Investment Corporation of Dubai’s unrated status and limited asset diversification outside the UAE.

“Everyone who had concerns on these fronts was justifiably proven wrong,” said ...

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