2023-07-05 10:52:30
* The source has been updated and details have been added
Abu Dhabi Islamic Bank has appointed several banks to arrange contact with international investors, in preparation for issuing dollar-denominated sukuk, according to a statement on Wednesday.
Issuances of Islamic bonds “sukuk” are increasing as a source of financing in the Gulf countries, with the focus of these countries, especially Saudi Arabia and the UAE, on investing outside the energy and oil sectors, and increasing the contribution of the non-oil sector to the economies.
Abu Dhabi Islamic Bank, one of the largest banks in the UAE, was established in 1997 and is listed on the Abu Dhabi Stock Exchange.
According to a statement from the bank to the Abu Dhabi market, HSBC and Standard Chartered Bank have been appointed as joint global coordinators, and Abu Dhabi Islamic Bank, Citibank, Emirates NBD Capital, First Abu Dhabi Bank and JP Morgan will also work on the potential issuance.
The banks will arrange contact with global investors on Wednesday, followed by a series of one-on-one meetings with fixed income investors, in addition to meetings in London on Monday.
This is likely to be followed by the issuance of non-callable dollar sukuk with a term of five and a half years, depending on market conditions.
(Prepared by: Jehan Laghmari, Edited by: Shaima Hefzy, Contact zawya.arabic@lseg.com)
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