Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has recently completed the planned redemption of its $750 million additional tier-one (AT1) perpetual sukuk on the first call date.
The Sukuk notes, which were redeemed on 20 September 2023, were issued five years ago on 20 September 2018 at a 7.125% profit rate, according to a bourse filing.
They were fully redeemed at the trustee call amount, which is equivalent to the prevailing face amount of the certificates in addition to any outstanding payments as the redemption date.
Accordingly, the trading of the certificates on the regulated market of the Irish Stock Exchange was cancelled upon redemption.
It is worth noting that in July 2023, ADIB raised another $750 million additional tier-one (AT1) perpetual Sukuk which maintained the group’s optimised capital structure and its strong CET1 position. The new perpetual non-call, five- and half-year Sukuk had a profit rate of 7.25% on an annual basis and are payable semi-annually.
Meanwhile, the recent Sukuk are listed and traded on the London Stock Exchange.