FAB to raise $750m via sukuk issue

FAB to raise $750m via sukuk issue
FAB set the sukuk’s guidance price at 130 basis points (bp) over mid-swaps
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Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) is forecast to raise $750 million via a five-year sukuk issue which is set to be implemented in the coming period, a document by one of the transaction’s arrangers showed.

The UAE’s largest lender by assets set the sukuk’s guidance price at 130 basis points (bp) over mid-swaps, the document added.

FAB appointed Dubai Islamic Bank (DIB), Emirates NBD Capital, KFH Capital, NCB Capital Company, Sharjah Islamic Bank, and Standard Chartered to arrange the Islamic bond issue.

FAB last reported a 16% year-on-year rise in its profits for the third quarter of 2018, logging AED 3 billion.

During the first nine months of 2018, the Abu Dhabi-based bank posted a net profit of AED 9.1 billion, up 12% from the prior-year period.