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Investment Corp of Dubai sets final spread for $1 bln sukuk

Order books exceeded $3.1 billion, including joint lead managers’ interest

Published: Updated:

Investment Corp of Dubai (ICD), the Dubai government’s main investment arm, set a final spread of 265 basis points over mid-swaps for a $1 billion, 10-year sukuk issue, documents from lead managers showed on Wednesday.

That was tighter than initial price thoughts of 290 bps over mid-swaps. Order books exceeded $3.1 billion, including joint lead managers’ interest.

Bookrunners for the ijara sukuk, which has a commodity murabaha component, were Citi, Dubai Islamic Bank, Emirates NBD Capital, HSBC, J.P. Morgan, National Bank of Abu Dhabi and Standard Chartered.