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Dubai Islamic Bank to raise $750M via sukuk offering

Dubai Islamic Bank (PJSC) is set to raise $750 million via an offering of Islamic bonds, or sukuk, Reuters reported, citing a document issued by one of the banks leading the issuance.

The Additional Tier 1 Islamic bonds carry a 6.25% yield and are perpetual with a six-year noncall period. The offering received more than $3.4 billion in orders, according to the report.

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank were appointed to manage the offering, according to an earlier Reuters report.