The National Bank of Abu Dhabi (NBAD) has successfully executed the UK government’s debut sukuk issue in its capacity as joint lead manager and joint bookrunner.

This groundbreaking sukuk is the first-ever sovereign sukuk by a non-Islamic country and the first ever public sterling sukuk. The deal is for GBP200 million ($339.5 million) and has a maturity of five years.

The sukuk offering was 11.5 times oversubscribed and was very well received by the investor community, and in particular by major Institutional and Islamic accounts.

“This mandate confirms NBAD’s position as a leading Debt Capital Markets and Sukuk house and is testament to our capability to deliver innovative term financing solutions to our customers,” said Alex Thursby, group chief executive officer of NBAD.

Year-to-date global sukuk issuance has reached $24 billion.

“This growing market provides a valuable and diversified funding source for clients across the West-East Corridor,” Thursby said. – TradeArabia News Service