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UAE’s ADIB mandates banks for Islamic bond -sources

HSBC, Stanchart and Barclays Capital mandated - sources.

October 13, 2010 8:37 by

Abu Dhabi Islamic Bank is planning to issue an Islamic bond, or sukuk, in the coming weeks, and has mandated three banks to arrange the sale, with a roadshow planned as early as next week, two market sources said.

ADIB, the second largest Islamic lender in the United Arab Emirates, has mandated Barclay’s Capital , HSBC and Standard Chartered , for the sukuk, the sources said, declining to be identified.

The bank is eyeing a U.S.-dollar denominated Reg S only Islamic bond, a report by IFR, a Thomson Reuters unit, said on Monday.

Representatives from ADIB declined to comment.

ADIB refreshed a $5 billion sukuk programme in July that had originally been launched in 2006. The bank has not yet sold any bonds under the programme, a spokeswoman said in July.

After a slowdown over the past year, Gulf-based sukuks are poised for a revival as large corporate and government issues come to market.

Qatar Islamic Bank sold a $750 million sukuk last month while Islamic Development Bank (IDB) has put a $3.5 billion sukuk programme into place and is currently conducting a road show in Europe.

(Reporting by Rachna Uppal and Stanley Carvalho; Writing by Shaheen Pasha; Editing by Firouz Sedarat)

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