Friday 29 March 2024
 
»
 
»
CAPITAL BOOST

Abu Dhabi's Al Hilal Bank plans $500m sukuk

Abu Dhabi, June 23, 2014

Abu Dhabi's Al Hilal Bank plans to raise $500 million from a capital-boosting Islamic bond issue, a document from lead arrangers said on Monday.

The transaction, which has a perpetual tenor but can be bought back by the lender after the fifth year, is earmarked to price in the area of 6 per cent. Order books for the trade are currently worth around $1 billion, the document added.

The sukuk will boost the bank's Tier 1 - or core - capital.

No timeframe for when the issue would complete was given in the update, but a market source told IFR - a Thomson Reuters unit - that it was expected to price on Tuesday.

The unlisted Islamic lender, owned by the Abu Dhabi Investment Council, has chosen itself as well as Citigroup , Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered to arrange the deal.-Reuters




Tags: abu dhabi | sukuk | Al Hilal Bank |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads