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    DIB   AED000201015

DUBAI ISLAMIC BANK P.J.S.C.

(DIB)
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Dubai Islamic Bank plans dollar senior sukuk - sources

08/31/2021 | 03:29am EST

DUBAI, Aug 31 (Reuters) - Dubai Islamic Bank, the United Arab Emirates' largest Islamic lender, is planning to soon sell U.S. dollar-denominated senior sukuk, or Islamic bonds, two sources said.

Banks have already been hired for the deal, which is expected as soon as next week and is likely to be around $500 million in size, one of the sources familiar with the matter said.

DIB did not immediately respond to a Reuters request for comment.

Several issuers from the Gulf are expected to return to the international debt markets in the next few weeks following a lull in activity over the summer, bankers said.

Companies and governments are seeking to lock in funding while global interest rates remain low, ahead of expectations of policy tightening from the U.S. Federal Reserve.

While a rebound in energy prices this year has reduced the financing needs of the oil-producing Gulf region, corporate issuance - including from government-related entities - to refinance loans and bonds due this year is expected to remain sizeable, the Institute of International Finance has said.

The Gulf so far this year has raised a combined $95 billion in the international markets, while in 2020 international bonds from the region totalled $111 billion, dominated by sovereigns and quasi-sovereigns, said the IIF.

DIB sold $1 billion in five-year senior sukuk in June as well as $500 million in Additional Tier 1 sukuk in April, a deal that at the time set a record low rate for AT1 instruments from the region. (Reporting by Davide Barbuscia and Yousef Saba; Editing by Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DUBAI ISLAMIC BANK P.J.S.C. -3.93% 5.14 End-of-day quote.11.50%
SAFWA ISLAMIC BANK -1.08% 1.83 End-of-day quote.30.71%
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Financials
Sales 2021 9 539 M 2 597 M 2 597 M
Net income 2021 3 924 M 1 068 M 1 068 M
Net Debt 2021 - - -
P/E ratio 2021 11,2x
Yield 2021 4,95%
Capitalization 38 665 M 10 527 M 10 528 M
Capi. / Sales 2021 4,05x
Capi. / Sales 2022 3,96x
Nbr of Employees 0
Free-Float 65,3%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 5,14 AED
Average target price 6,00 AED
Spread / Average Target 16,7%
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Managers and Directors
Adnan Abdul Shakoor Chilwan Group Chief Executive Officer
John Macedo Chief Financial Officer
Mohammad Ibrahim Abdul Rahman Al-Shaibani Chairman
Obaid K. Mohammed Rashed Al-Shamsi Chief Operating Officer
Sami Al Awadi Head-Compliance