First Abu Dhabi Bank Issues USD 500 Million Five-Year Sukuk

United Arab Emirates lender First Abu Dhabi Bank has sold USD 500 million worth of Sukuk on the 7th of January 2021, according to media reports.

The five-year Sukuk issuance offers investors a profit rate equivalent to 90 basis points over mid-swaps, according to a document issued by one of the banks leading the deal. The Sukuk was initially marketed with a price guidance of 100-105 basis points over mid-swaps, with the issuance expected to be completed on the same day of issuance, according to media reports.

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Islamic Corporation for the Development of the Private Sector, Kuwait Finance House Capital, NCB Capital and Standard Chartered Bank were appointed as joint lead managers for the sale of Sukuk, as r...