Abu Dhabi Islamic Bank, the largest sharia-compliant lender in the emirate, is set to raise at least $500 million from a sukuk offering to boost its core capital, following massive investor interest for the debut deal.
On Wednesday, ADIB revised profit rate guidance on the Tier 1 perpetual Islamic bond, the first from the region, to 6.5 percent, with room to tighten or widen slightly, after receiving more than $11 billion in orders, according to arranging banks.
Early price talk on the hybrid sukuk had been released at 7 percent. Strong demand for the deal could convince the issuer to raise more than just $500 million.
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