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First Abu Dhabi Bank takes orders for $500 million sukuk -Breaking

by Mike Robinson

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© Reuters.

DUBAI, Reuters – First Abu Dhabi Bank (the largest lender of the United Arab Emirates) is set to issue Islamic bonds in excess of $500 million and began accepting orders on Wednesday, according to bank documents.

The initial price guidance was for the sukuk at 85 basis points above U.S. Treasuries according to documents from one of the banks involved in the transaction. It is anticipated that the agreement will launch on Wednesday.

Dubai Islamic Bank and Emirates NBD Capital, First Abu Dhabi Bank and KFH Capital are arranging the sale of the debt.

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