Abu Dhabi industrial holding company Senaat has issued a AED1.1bn ($300m) Islamic bond. The fixed rate senior unsecured US dollar denominated RegS sukuk has a seven-year tenor.

Senaat says the proceeds from the sukuk issue will be used to refinance part of its existing group debt and enhance the company's overall capital structure and cash flow levels. In 2017 it secured a $400m revolving credit facility from a group of local and international banks.

The sukuk will be dual listed on the London and Abu Dhabi Stock Exchanges. The issue received strong interest both locally and internationally and it was oversubscribed 10 times over.

The sukuk was competitively priced, with a fixed income of 4.76 per cent a year, underpinned by Moody’s A3 and Fitch’s A credit ratings. These ratings are the first to be assigned to Senaat.