ICD beats bonds with sukuk in nimble $1bn

dubai waterfront
By Dan Alderson
15 May 2014

The Investment Corporation of Dubai’s $1bn dual tranche issue this week has been hailed by bankers both as a triumph of sukuk over conventional bonds and a clarion call for prospective Middle East borrowers to be more flexible in their execution.

Sovereign wealth fund manager ICD used the Dubai government curve on Wednesday as it looked to issue equal $500m tranches of six year debut sukuk and 10 year conventional bonds. But with orders — seen at $3bn and $1bn respectively — skewed to the shorter tenor, ICD instead ...

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