Abu Dhabi Islamic Bank said to plan about $1 billion Sukuk
By Bloomberg
Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest sharia-compliant lender, plans to raise about $1 billion of perpetual bonds and is talking to banks on the deal, three people with knowledge of the matter said.
The lender received approval from the U.A.E. central bank for the Islamic debt sale and may issue later this year, two of the people said, asking not to be identified because the information is private. A spokesman for Abu Dhabi Islamic Bank said the bank declined to comment on market speculation.
Banks in the six-nation Gulf Cooperation Council have been the biggest sellers of bonds this year as they seek to raise money ahead of an expected rise in U.S. interest rates. Of the $15.3 billion raised from bond issuers from the GCC this year, $12.4 billion, or 81 percent, has been by banks.
Abu Dhabi Islamic Bank is holding an extraordinary general meeting of shareholders on June 28 to seek approval to increase the size of its Tier I sukuk program to $3 billion from $2 billion as well as raise funds from the sale of rights shares. The company has $750 million five-year sukuk maturing Nov. 4.
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