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The transaction was launched following investor meetings in Hong Kong, Singapore, Dubai and London. The dual-tranche Sukuk transaction was extremely well received globally and generated a large order book with over 300 investors placing orders in excess of $6.3bn equivalent.
H.E. Abdulrahman Al Saleh, Director General, Department of Finance, said:
"The market reaction to the Dubai offering has been extremely positive and is a powerful indication of the strength of investor confidence in the economic future of the UAE and Dubai. The funds will be invested in Dubai Government infrastructure and other strategic projects that will support the future economic success of the nation in accordance with the vision of our leadership. HH Sheikh Mohammed stated confidently some weeks ago that the downturn is well and truly behind us. This transaction is evidence that we are preparing to begin a new chapter of growth."
Dubai Islamic Bank, Mitsubishi UFJ Securities International plc, Standard Chartered Bank, and UBS Investment Bank were mandated as Joint Lead Managers/Bookrunners on the $1.25bn Trust Certificates and were joined by Joint Lead Managers Emirates NBD and Co Managers Bahrain Islamic Bank. Dubai Islamic Bank, Mitsubishi UFJ Securities International plc, National Bank of Abu Dhabi, Standard Chartered Bank, and UBS Investment Bank were mandated as Joint Lead Managers/Bookrunners on the Dhs2.5 Trust Certificates and were joined by Joint Lead Managers Emirates NBD and Co Managers Al-Hilal Bank.
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Posted by Nadeen El Ajou
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