DUBAI- Abu Dhabi Islamic Bank is expected to complete on Wednesday a $750 million fundraising through perpetual sukuk, or Islamic bonds, with a profit rate of 7.125 percent, a document by one of the banks arranging the deal showed.
ADIB, the largest sharia-compliant lender in Abu Dhabi, started marketing the notes earlier on Wednesday with a price guidance of around 7.5 percent.
The Additional Tier 1 perpetual bonds are similar to an equity instrument in the fact that they have no maturity.
ADIB, HSBC and JPMorgan coordinated the deal, which received over $2 billion in orders, according to the document.
(Reporting by Davide Barbuscia Editing by Matthew Mpoke Bigg) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: firstname.lastname@example.org))