Abu Dhabi Islamic Bank has set price guidance for its sukuk (Islamic bond) issue of 235 basis points above the midswap rate, according to sources close to the deal.
The bank is due to complete the sale of the five year bonds by 29 October. Final pricing for the deal will depend on market appetite.
The UK’s HSBC, Standard Chartered and Barclay’s Capital have been appointed to run the issue, which is part of a $5bn sukuk programme.
The issue size is not yet decided, but is due to be around $500m.