Deal may open up markets for other Gulf issuers
Abu Dhabi Islamic Bank has issued a $500m sukuk with a tenor of five years and pricing of around 250 basis points above the mid-swap rate and a yield of 3.78 per cent.
The deal may help open up the sukuk market from other Gulf issuers eager to raise money before the end of the year.
ADIB appointed National Bank of Abu Dhabi, the UK’s HSBC and Standard Chartered, and Japan’s Nomura to run the deal, along with its own team.
The bank last issued a sukuk in October when it completed a $750m deal with a yield of 3.745 per cent.
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