And they account for 42 per cent of the workforce and 40 per cent of the Emirate’s GDPNovember 24, 2015 4:32
Abu Dhabi’s ADCB sets final guidance on 5-year sukuk
Final guidance set at 275 bps over mid swaps; Books closed 1230GMT, pricing expected later today
November 16, 2011 8:26 by Reuters
Final price guidance for Abu Dhabi Commercial Bank’s five-year benchmark Islamic bond, or sukuk, has been set at 275 basis points over mid swaps, at the tight end of early price talk, leads said on Wednesday.
Price talk had been given in the range of 275-287.5 basis points over mid swaps. The tighter pricing suggests healthy investor interest in the paper.
ADCB picked itself as well as Bank of America, J.P. Morgan Chase and Standard Chartered as joint lead arrangers and bookrunners for the deal.
Pricing for sukuk is currently working out as cheaper than conventional debt, buoyed by a more stable secondary market at a time of global volatility and the recently constrained supply of sukuk.
The sukuk will be issued through the ADCB Islamic Finance (Cayman) Limited special purpose vehicle.
Moody’s gave the sukuk a provisional rating of A1 with a negative outlook earlier on Wednesday, in line with its score for ADCB. Standard & Poor’s has rated the deal as A. (Reporting by David French; Editing by Amran Abocar)