Abu Dhabi (Etihad)
Abu Dhabi Islamic Bank announced the successful completion of the redemption process for its indefinite Class 1 (AT1) Sukuk certificates worth $750 million on the first call date, corresponding to September 20, 2023.
The certificates were redeemed for the trustee call amount, which is equivalent to the face amount of the certificates plus any payments due from 20 September 2023. In accordance with this, these certificates have been canceled from trading on the official trading list of the Irish Stock Exchange.
In July 2023, Abu Dhabi Islamic Bank successfully issued another sukuk worth US$750 million of the first category (AT1) to replace the redeemed sukuk and thus maintain the group’s capital position.
Abu Dhabi Islamic Bank, rated A2 and A+ by Fitch, respectively, with a stable future outlook, priced these non-redeemable sukuks for a period of five and a half years at a profit rate of 7.25% annually, and are payable semi-annually. These instruments are tradeable on the London Stock Exchange.
The offering received record demand and great demand, attracting the interest of more than 240 global and regional investors, as the value of orders reached 7 billion US dollars, exceeding the target value by more than nine times, and the final pricing reached 62.5 basis points less than the initial pricing index, as this offering came. Driven by broad investor demand from three regions.
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