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|12 September, 2018

Abu Dhabi Islamic Bank sets final terms for $750mln sukuk

ADIB, HSBC and JPMorgan coordinated the deal, which received over $2 billion in orders

Men walk past a branch of Abu Dhabi Islamic Bank along Khalid Bin Al-Waleed Road in Dubai May 30, 2010.

Men walk past a branch of Abu Dhabi Islamic Bank along Khalid Bin Al-Waleed Road in Dubai May 30, 2010.

REUTERS/Mosab Omar

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.

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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: davide.barbuscia.reuters.com@reuters.net))