Abu Dhabi Islamic Bank intends to issue unsecured green sukuks denominated in US dollars under the umbrella of the bank’s program to issue debt instruments worth $5 billion, according to Bloomberg.
This issuance comes after the bank issued in the middle of this year non-refundable bonds worth $750 million for a period of five and a half years at a return rate of 7.25% annually.
The prospective Sukuks are expected to have an investment grade rating and will be of a standard size, offering fixed returns to investors.
Abu Dhabi Islamic Bank, listed on the Abu Dhabi Securities Exchange, has appointed Standard Chartered Bank as the sole global coordinator for the issue, along with Abu Dhabi Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Sharjah Islamic Bank as joint book-building managers and joint lead managers.
Lower provisions and higher revenues drive Abu Dhabi Islamic profits to grow by 55%
The bank has an A2 rating from Moody's, a global credit rating agency, and A+ from Fitch, both with a stable outlook. The bank also held a phone call with global investors today, Monday, to discuss the upcoming issuance, followed by a series of calls and meetings scheduled for fixed income investors in London tomorrow, Tuesday.
