Abu Dhabi: ADX-listed Abu Dhabi Islamic Bank has mandated Standard Chartered Bank as sole global coordinator and sustainability structurer along with ADIB, Emirates NBD, First Abu Dhabi Bank, and Sharjah Islamic Bank as joint bookrunners and joint lead managers to arrange a global investor call on Monday followed by a series of fixed income investor calls, and meetings in London on Tuesday.
A dollar-denominated rated senior green sukuk offering will follow, subject to market conditions.
The issuance will fall under ADIB’s newly published Sustainable Finance Framework released on November 3, and serves to build upon ADIB’s commitment to embedding ESG risk assessments into the bank’s operations. ADIB recently issued a $750 million AT1 sukuk on the London Stock Exchange in July 2023, where it was nine times oversubscribed.
Redemption of sukuk
Late last month, the bank said that it has achieved the planned redemption of its $750 million additional tier-one (AT1) perpetual sukuk on its first call date, which was September 20, 2023.
These sukuk were initially issued on September 20, 2018, at a profit rate of 7.125 per cent. The redemption was made at the trustee call amount, which includes the face value of the certificates and any outstanding payments as of September 20, 2023.
ADIB reported strong financials for the nine month period ending September 2023. It reported a 53 per cent increase in net profit at Dh3.75 billion.
Revenue during the same period was up 48 per cent at Dh6.7 billion, while earnings per share climbed 49 per cent to Dh0.91.
Total assets increased 25 per cent to reach Dh184.1 billion, driven mainly by a growth in net financing, growth in cash and balances with central bank, and growth in its investment’s portfolio.