Abu Dhabi Islamic Bank (ADIB) has hired international banks to arrange the sale of USD750mn in Islamic bonds, three sources familiar with the matter said. ADIB’s shareholders will vote on August 19 on the planned transaction, a USD750mn perpetual Tier 1 sukuk, and on the proposed repayment of an outstanding USD1bn perpetual sukuk issued in 2012. The bank’s board is also proposing to raise capital through a AED1bn rights issue. ADIB had previously issued two five-year sukuk of USD750mn and USD500mn in 2010 and 2011. It repaid both the obligations without refinancing them.
ADIB (AD): AED3.92 as of 9 Aug. 2018, Rating: Neutral, TP: AED4.30/share, MCap: USD3,384mn, ADIB UH/ADIB.AD
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