2023-07-05 22:02:37
Yesterday, a bank document showed that Abu Dhabi Islamic Bank appointed banks to arrange the issuance of permanent dollar-denominated sukuk.
HSBC and Standard Chartered will be joint global coordinators for the offering. They will be joined by Abu Dhabi Islamic Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank and JPMorgan as joint lead managers and bookrunners, according to the document issued by one of the banks in charge of arranging the offering. The document said the parties would arrange contacts with global investors yesterday, before having several one-on-one contacts with fixed-income investors and meetings in London on Monday.
This will be followed by the issuance of additional Tier 1 non-callable sukuk up to five and a half years, subject to market conditions. Additional Tier 1 sukuk, the riskiest debt instruments banks can issue, are perpetual in nature but can be redeemed or “called back” by lenders following a specified period.
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