Islamic Finance

Abu Dhabi Islamic Bank sets initial price guidance for perpetual sukuk

| 12 September, 2018
Abu Dhabi Islamic Bank sets initial price guidance for perpetual sukuk
Men walk past a branch of Abu Dhabi Islamic Bank along Khalid Bin Al-Waleed Road in Dubai May 30, 2010. REUTERS/Mosab Omar

SEPTEMBER 12, 2018 | 1:25AM EDT | DUBAI

Abu Dhabi Islamic Bank, the largest sharia-compliant lender in Abu Dhabi, has given an initial price guidance in the region of 7.5 percent for a planned perpetual dollar sukuk sale, according to a document issued by one of the banks leading the deal.

The sukuk, or Islamic bonds, will be of benchmark size, which generally means upwards of $500 million.

The Additional Tier 1 bonds, non-callable for a five-year period, are expected to price later on Wednesday. Abu Dhabi Islamic Bank, HSBC and JPMorgan are coordinating the deal.

(Reporting by Davide Barbuscia; Editing by Sunil Nair)

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