DIB goes for gold with record-breaking AT1

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By Mariam Meskin
14 Apr 2021

Dubai Islamic Bank priced the region's tightest ever additional tier one (AT1) bond this week, which may inspire other issuers into the market.

Dubai Islamic Bank, rated A3/—/A, raised $500m from a perpetual non-call six year sukuk on Tuesday.

The Reg S dollar offering was sold at a profit rate of 3.375%, or a margin of 224.6bp over US Treasuries. It was reoffered at par.

Pricing on the perpetual instrument had tightened from guidance ...

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