Subscription of $412 million was received but the issue will not be upsized. Take-up for the five-year instrument was well diversified, with 47 per cent being sold within the region, 38 per cent in the Far East and 15 per cent in Europe. The paper was rated A by international rating agency Standard & Poor's, reflecting DMCC's ownership by the Dubai government. Standard Bank Londonwas joint lead manager.

'As the first rated musharaqa sukuk to come out of the UAE and the first international musharaqa, this is a groundbreaking transaction,' says Moinuddin Malim, senior vice-president and head of asset management and capital markets at DIB. 'We're optimistic that it will lead to many similar transactions in the future.'