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In the GCC, Saudi Arabia has been the only market ahead of the curve, having established its Saudi Riyal Local Sukuk Program in 2017. Image used for illustrative purpose. Getty Images
Abu Dhabi’s FAB Sukuk Company has priced a five-year senior unsecured dollar sukuk to be listed on London Stock Exchange (LSE) as part of its $5 billion trust certificate issuance programme.
The special purpose entity, which has Abu Dhabi-listed FAB as its parent organisation, will settle the Islamic bond on 16th January 2025 with a maturity date of 16th January 2030.
Initial price thoughts (IPT) are T + 100 bps with a profit rate to be decided or S/A 30/360.
The UAE’s Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB are joint lead managers and book runners, as are Industrial and Commercial Bank of China, Jeddah-based Islamic Corporation for the Development of the Private Sector and Standard Chartered.
(Writing by Imogen Lillywhite; editing by Seban Scaria seban.scaria@lseg.com)
