DUBAI/LONDON: Abu Dhabi Islamic Bank plans to issue a five-year benchmark dollar Islamic bond which will price by this week, one of the lead bankers on the deal told Reuters on Tuesday.
ADIB, the second largest Islamic lender in the United Arab Emirates, has mandated Barclay’s Capital, HSBC and Standard Chartered, for the Islamic bond, or sukuk.
The lender announced last week that it was planning to go on a non-equity road show in Asia, Europe and the Middle East, starting on October 20.
The current sukuk offering would be the first issuance under a $5 billion sukuk program in July that had originally been launched in 2006.
The Gulf-based Islamic bond market has seen some revival in recent days, including Qatar Islamic Bank’s well-subscribed $750 million sukuk and Islamic Development Bank’s $500 million sukuk launched last week.
ADIB reported third quarter net profit of $85.6 million last week – a 31.3 percent rise from the comparable period last year – but said it would continue to take provisions and impairments as it sees continued economic weakness.
