By: Middle East Affairs
A document issued by one of the banks leading the deal showed on Wednesday that
Abu Dhabi’s Al Hilal Bank has given initial price guidance for a five-year U.S. dollar-denominated benchmark sukuk in the area of 165 basis points over mid-swaps.
It should be noted that Benchmark sukuk, or Islamic bonds, are generally meant to be upwards of $500 million.
Later on Wednesday, The bank, rated A2 by Moody’s and A+ by Fitch, is expected to complete the sukuk sale.
Moreover, Al Hilal Bank, Dubai Islamic Bank, ENBD Capital, FAB, HSBC, JP Morgan, Nomura, and Standard Chartered Bank are the joint bookrunners.