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UPDATE 1-Emirates Islamic Bank raises $500 mln via five-year sukuk

Wed, 16th Sep 2020 13:50

(Adds launch, background)

By Yousef Saba

DUBAI, Sept 16 (Reuters) - Emirates Islamic Bank sold $500
million in five-year sukuk, or Islamic bonds, on Wednesday after
receiving around $1.1 billion in orders for the debt sale, a
document showed.

The deal is among a flurry of bond issues by banks in the
Gulf as they seek to shore up liquidity following the twin shock
of the coronavirus crisis and weaker oil prices.

Gulf International Bank sold $500 million in five-year bonds
on Wednesday.

Emirates Islamic Bank's sukuk was priced at 150 basis points
over mid-swaps, some 20 bps tighter from where it began
marketing them earlier on Wednesday, the document from one of
the banks arranging the deal and seen by Reuters showed.

Emirates NBD Capital, HSBC, The Islamic
Corporation for the Development of the Private Sector, and
Standard Chartered arranged the debt sale.
(Reporting by Yousef Saba; Editing by Clarence Fernandez and
Catherine Evans)

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