ADIB plans 5 year benchmark sukuk

Abu Dhabi Islamic Bank plans to issue a five-year benchmark dollar Islamic bond which will price by this week, one of the lead bankers on the deal said on Tuesday.

By (Reuters)

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Published: Tue 26 Oct 2010, 2:53 PM

Last updated: Mon 6 Apr 2015, 11:45 AM

ADIB, the second largest Islamic lender in the United Arab Emirates, has mandated Barclay’s Capital, HSBC and Standard Chartered, for the Islamic bond, or sukuk.

The lender announced last week that it was planning to go on a non-equity roadshow in Asia, Europe and the Middle East, starting on October 20.

The current sukuk offering would be the first issuance under a $5 billion sukuk programme in July that had originally been launched in 2006.

The Gulf-based Islamic bond market has seen some revival in recent days, including Qatar Islamic Bank’s well-subscribed $750 million sukuk and Islamic Development Bank’s $500 million sukuk launched last week.

ADIB reported third quarter net profit of $85.6 million last week - a 31.3 percent rise from the comparable period last year.

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