Monday 11 October 2010

Abu Dhabi Islamic Bank Said to Plan Sukuk Sale, Hire Managers - Bloomberg

Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest lender complying with Shariah, hired three banks to help sell bonds, according to two bankers familiar with the plan.

HSBC Holdings Plc, the second-biggest underwriter of sukuk this year, Standard Chartered Plc and Barclays Plc will manage the sale, said the bankers, who declined to be identified because the terms haven’t been made public. ADIB may start meeting investors this month, one of the bankers said.

Bond sales from the Gulf region have picked up since state- controlled Dubai World in September reached an agreement with 99 percent of its creditors to alter the terms on $24.9 billion of debt. Dubai Electricity & Water Authority plans to meet fixed- income investors starting today, a banker said last week. The Dubai government last month raised $1.25 billion in its first bond sale since the Dubai World debt crisis.

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