Emirates Islamic Bank launches $750mn sustainability sukuk, document shows

Emirates Islamic Bank, the Islamic arm of Dubai’s biggest lender Emirates NBD, has launched a $750 million 5-year sustainability Islamic bond, or sukuk, a document from an arranging bank showed on Tuesday.

Indicative pricing for the bond was for a spread of around 100 basis points over U.S Treasuries, the document showed, down from 130 bps over earlier in the day.

The debt, which is being issued under the bank’s $2.5 billion certificate issuance programme, attracted more than $1.9 billion in orders, the document added.

Emirates NBD Capital and Standard Chartered Bank are acting as joint global coordinators, while Abu Dhabi Islamic Bank, Dubai Islamic Bank, First Abu Dhabi Bank And The Islamic Corporation For The Development Of The Private Sector are joint lead managers and joint bookrunners for the sale.