The Dubai International Financial Centre 2012 Sukuk is one of the benchmark bonds in the GCC. As the price of oil has fallen and the credit crisis worsened, the spread has widened against LIBOR to 307bps. Prior to last summer and the credit crisis, when oil was significantly higher, the spread was only 44pbs.
The Suruk is interesting as it is very liquid. The high level of international interest in the USD 1.2bn Sukuk means some 67% of its investors are from outside the region.
DIFC Investments' 5-year al-Mudarabah Sukuk has a rating of 'A1' from Moody's and 'A+' from Standard & Poor's.
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