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Al Hilal Bank to price $500m sukuk today

June 24, 2014

Al Hilal Bank plans to raise $500 million from a capital-boosting Islamic bond issue, with pricing tightening ahead of completion on Tuesday due to investor demand, a document from lead arrangers said on Monday.

Pricing for the transaction, which has a perpetual tenor but can be bought back by the lender after the fifth year, was revised on Monday afternoon to in the area of 5.75 per cent, the document said. This was inside the 6 per cent area guidance given earlier in the day. Investor orders for the deal were above $3 billion.

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Source: Khaleej Times (United Arab Emirates)

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