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ADIB rings market-opening bell to mark the listing of $750m AT1 sukuk on London Stock Exchange
Final order exceeded $7 billion, making it more than 9 times oversubscribed
The market opening ceremony was graced by a senior representative from the UAE embassy in the UK, along with senior representatives from ADIB, and other distinguished guests including ADIB’s Group Chief Executive Officer, Nasser Al Awadhi. — Supplied photo
Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, celebrated a significant milestone by ringing the market-opening bell on Tuesday at the London Stock Exchange, commemorating the successful listing of $750 million in the world’s first dollar denominated additional tier-one (AT1) perpetual sukuk issued since March 2023.
The market opening ceremony was graced by a senior representative from the UAE embassy in the UK, along with senior representatives from ADIB, and other distinguished guests including ADIB’s Group Chief Executive Officer, Nasser Al Awadhi.
The issuance was met with exceptional demand, attracting interest from over 240 global and regional investors. The final order exceeded $7 billion, making it more than 9 times oversubscribed, and the final pricing was 62.5 bps tighter than the initial pricing thoughts.
Al Awadhi said: “The successful issuance and listing of our sukuk was the result of the exceptional interest from a broad range of domestic, regional, and international investors, who showed confidence in ADIB’s asset quality, direction, and vision. We were so pleased to see this strong international demand despite the market conditions especially for an AT1 issuance. This has helped us to issue the sukuk at a final pricing 62.5 bps tighter than the initial pricing thoughts.
“The listing on the London Stock Exchange provides us with a globally recognised platform for trading, partnering, and conducting business. This will enable us to reach a wider global audience, furthering our brand and strategic objectives in the international market. Additionally, it enhances our credibility on a global scale, fostering meaningful connections with partners and stakeholders worldwide.” He added.
The issuance was driven by broad demand across three regions, with 83 per cent allocated to Middle East and North Africa (MENA), 13 per cent to Europe, and 4 per cent to Asia. Notably, private banks, asset and fund managers, commercial banks, and others were the major investor types.
HSBC and Standard Chartered Bank were joint global coordinators, while ADIB, Citi, Emirates NBD Capital, First Abu Dhabi Bank, and J.P. Morgan acted as joint lead managers and bookrunners.
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