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

Source: Egypt Independent August 31, 2021 07:30 UTC