Business | Banking

Orders for ADIB sukuk exceed $2b

Fifty-seven per cent of the orders came from investors in the Middle East

  • Bloomberg
  • Published: 00:00 November 24, 2011
  • Gulf News

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has received more than $2 billion in orders for its $500 million Islamic bond, according to a banker familiar with the deal.

Fifty-seven per cent of the orders came from investors in the Middle East, 13 per cent from Asia and 29 per cent from Europe, the banker said, declining to be identified because the information is private.

Lenders bid

Banks bought 52 per cent of the Islamic bond, fund managers 28 per cent and central banks 16 per cent, with a total of 122 bids received, the banker said.

ADIB's sukuk sale closed on Tuesday with the five-year bond being priced to yield 245 basis points above the midswap rate, or a profit rate of 3.78 per cent, according to data.

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