Abu Dhabi Islamic Bank hires banks for $750 million sukuk – sources | Reuters

Abu Dhabi Islamic Bank hires banks for $750 million sukuk – sources | Reuters:

Abu Dhabi Islamic Bank (ADIB) , the largest sharia-compliant lender in Abu Dhabi, has hired international banks to arrange the sale of $750 million in Islamic bonds, three sources familiar with the matter said.

ADIB’s debt sale, which still needs final approval by the bank’s shareholders, would follow months of subdued activity in the Middle East primary bond market, as potential issuers in the region have held back their plans because of market volatility and the price premium they might have to pay to attract demand.

HSBC and JPMorgan have been hired as coordinators for the sukuk deal, said one of the sources, while other banks will join the transaction at a later stage.