Business Services Industry
HSBC Amanah lead manages US$800 million sukuk for Abu Dhabi Islamic Bank.
Middle East and North Africa Business Report, December, 2006
Dec. 7--HSBC Amanah acted as Sole Arranger of a US$5 billion Trust Certificate Programme for Abu Dhabi Islamic Bank ("ADIB") and Sole Lead Manager and Sole Bookrunner for the debut US$800 million 5 year sukuk issue under the programme. The sukuk are rated 'A2' by Moody's and 'A' by Fitch in line with the corporate ratings of ADIB. HSBC's Corporate Trust and Loan Agency acted as Agent for the issue.
The issue size was originally aimed at US$ 400 -- US$500 million, but was increased given the strong response from the market in order to accommodate a large number of high quality investors, placing orders of US$1 billion. This being one of the largest books for a corporate, non-equity linked issue.
The transaction appealed to both conventional as well as...
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