17 November 2011
ADCB yesterday priced its maiden "Sukuk" transaction in the capital markets. The trade received an overwhelming response from investors with the book building more than $1.4 bio in a span of 5 hours of its launch in the back drop of very volatile and challenging market conditions. The transaction was priced as a $ 500 Mio deal with a 5 year maturity carrying a profit rate of 4.071%.
Kevin Taylor Group Treasurer ADCB said:"The Islamic nature of the issue helped secure strong investor demand and this reflected in the pricing of the trade at the tight end of the guidance." He further commented that Islamic investors still have demand for debt issued by recognised and high quality companies and have in particular been very supportive of regional issuers in the back drop of the European Crisis.
ADCB has once again exhibited its nimbleness to move swiftly in volatile markets and execute a transaction reflective of investor demand.
ADCB earlier this year successfully priced a issue of CHF 150 million medium-term notes (the "Notes") for ADCB Finance (Cayman) Limited ("ADCB Finance") under its USD7.5 billion MTN Programme (the "Programme") guaranteed by Abu Dhabi Commercial Bank PJSC ("ADCB").
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ADCB yesterday priced its maiden "Sukuk" transaction in the capital markets. The trade received an overwhelming response from investors with the book building more than $1.4 bio in a span of 5 hours of its launch in the back drop of very volatile and challenging market conditions. The transaction was priced as a $ 500 Mio deal with a 5 year maturity carrying a profit rate of 4.071%.
Kevin Taylor Group Treasurer ADCB said:"The Islamic nature of the issue helped secure strong investor demand and this reflected in the pricing of the trade at the tight end of the guidance." He further commented that Islamic investors still have demand for debt issued by recognised and high quality companies and have in particular been very supportive of regional issuers in the back drop of the European Crisis.
ADCB has once again exhibited its nimbleness to move swiftly in volatile markets and execute a transaction reflective of investor demand.
ADCB earlier this year successfully priced a issue of CHF 150 million medium-term notes (the "Notes") for ADCB Finance (Cayman) Limited ("ADCB Finance") under its USD7.5 billion MTN Programme (the "Programme") guaranteed by Abu Dhabi Commercial Bank PJSC ("ADCB").
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© Press Release 2011
