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United Arab Emirates : AL HILAL BANK eyes capital-boosting sukuk issue

June 16, 2014

Abu Dhabi government-owned Al Hilal Bank might sell a benchmark-sized Tier 1 capital-boosting sukuk following plans to meet fixed income investors, joining a raft of issuers from the UAE taking advantage of benign markets.

The unlisted lender, owned by the Abu Dhabi Investment Council, chose itself as well as Emirates NBD, Citigroup, National Bank of Abu Dhabi, HSBC, and Standard Chartered to arrange roadshows.

A benchmark-sized, US dollar-denominated sukuk offer with a perpetual lifespan might follow the investor meetings, subject to market conditions. Benchmark size is traditionally understood to mean around $500 million.

Al Hilal joins a growing pipeline of UAE borrowers seeking access to the capital markets ahead of Ramadan, which starts at the end of June 2014.

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Source: TendersInfo (India)

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