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|12 September, 2018

Abu Dhabi Islamic Bank sets initial price guidance for perpetual sukuk

Abu Dhabi Islamic Bank has given an initial price guidance in the region of 7.5% for a planned perpetual dollar sukuk sale

Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank. Image for illustrative purposes.

Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank. Image for illustrative purposes.

ADIB/Handout via Thomson Reuters Zawya

DUBAI  - Abu Dhabi Islamic Bank, the largest sharia-compliant lender in Abu Dhabi, has given an initial price guidance in the region of 7.5 percent for a planned perpetual dollar sukuk sale, according to a document issued by one of the banks leading the deal.

The sukuk, or Islamic bonds, will be of benchmark size, which generally means upwards of $500 million.

The Additional Tier 1 bonds, non-callable for a five-year period, are expected to price later on Wednesday. Abu Dhabi Islamic Bank, HSBC and JPMorgan are coordinating the deal.

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(Reporting by Davide Barbuscia; Editing by Sunil Nair) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))