Abu Dhabi government-owned Al Hilal Bank has raised USD100mn through a private placement of sukuk, sources familiar with the matter said on Monday. The issue, led by First Abu Dhabi Bank (FAB), has a two-year maturity and offers 90bps over three-month Libor. The bank issued a privately placed USD225mn sukuk in June last year, describing the deal as the first private placement of sukuk by a UAE financial institution and the first senior, unsecured USD-denominated sukuk by an Abu Dhabi entity since 2013. That sukuk matures in January 2019, while the new USD100mn issue is due on August 14 of the same year. Al Hilal Bank established a USD2.5bn sukuk programme in 2013, under which it issued – in addition to the privately placed sukuk – a USD500mn five-year sukuk.
First Abu Dhabi Bank (AD): AED10.90 as of 7 Aug. 2017, Rating: Neutral, TP: AED11.30/share, MCap: USD32,367mn, FAB UH/FAB.AD
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.