Abu Dhabi Islamic Bank PJSC, HSBC Bank Plc, Morgan Stanley & Co. International plc, National Bank of Abu Dhabi P.J.S.C. and Standard Chartered Bank participated in the transaction as joint lead managers, and Barwa Bank P.Q.S.C. and Sharjah Islamic Bank P.J.S.C. participated as co-lead managers. The transaction signed on 14 November 2012 and closed on 19 November 2012.
Abu Dhabi partner Nick Collins, who co-led the deal team commented: "The successful closing of this landmark transaction represents a significant milestone for the Middle East sukuk market. This is the first public hybrid Tier 1 capital issuance by a Middle East issuer and, so far as we know, is the first ever public Shari'ah-compliant hybrid Tier 1 capital issuance. The transaction structure demonstrates the increasing range of products in the Islamic finance market in the Middle East and creates a benchmark and precedent for future issuances by Abu Dhabi Islamic Bank as well as other banks in the UAE and the wider gulf region. In closing this transaction, Abu Dhabi Islamic Bank has further cemented its reputation as an innovator in Shari'ah-inspired solutions and as a leader in structural simplicity (a characteristic that greatly appeals to international investors)."
Dubai counsel Dipti Thakar commented: "The success of this transaction and the level of investor appetite is a strong endorsement of Abu Dhabi Islamic Bank PJSC from the international capital markets and demonstrates the ever-increasing attraction of Shari'ah compliant products from strong issuers in the Middle East. Latham's involvement on this landmark transaction showcases the strength and depth of the firm's Islamic finance and capital markets practice in the Middle East."
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