Abu Dhabi Islamic Bank plans bond issue

01 November 2012

Five banks appointed to arrange sukuk offering

Abu Dhabi Islamic Bank (ADIB) has appointed five banks to arrange a series of investors meetings ahead of a possible sukuk (Islamic bond) issue.

The bank hired the UK’s HSBC and Standard Chartered, the US’ Morgan Stanley; and the local National Bank of Abu Dhabi and ADIB to arrange the issue, with the first investor meetings scheduled for 1 November.

In a statement, ADIB said if it went ahead with an issue, it would be in the form of “hybrid tier 1 perpetual US dollar denominated, sharia-compliant instruments”, which would be used as part of the bank’s preparations for complying with new banking regulations known as Basel 3.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.