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HomeBanking & FinanceAl Hilal dollar sukuk set for this week

Al Hilal dollar sukuk set for this week

alhilalAbu Dhabi government-owned Al Hilal Bank plans to issue a five-year benchmark-sized Islamic bond offering this week, a document from lead managers said on Sunday, in what would be the lender’s debut debt sale.

Initial price thoughts on the dollar-denominated offering have been set at 190 basis points over midswaps, the document said. Benchmark-size is traditionally understood to mean at least $500 million.

Al Hilal, fully-owned by state fund Abu Dhabi Investment Council, is due to conclude meetings with fixed-income investors on Monday in London.

Citigroup, HSBC, National Bank of Abu Dhabi and Standard Chartered are arranging the roadshows, along with Al Hilal itself.

The unlisted bank expects net profit growth of over 40 percent this year, its chief executive said earlier in September.-Reuters