ADCB to launch sukuk

ADCB to launch sukuk

Published: November 14, 2011

StanChart, BAML and JP Morgan appointed bookrunners.

Abu Dhabi Commercial Bank (ADCB) could issue its debut dollar-denominated sukuk this week, according to Standard Chartered.

The bank, which is one of the joint lead managers and bookrunners for the US$750mn sukuk, made the announcement on Monday.

ADCB, which is majority owned by the Emirate of Abu Dhabi, has also appointed Bank of America Merrill Lynch and JP Morgan as joint lead managers and bookrunners alongside its own investment bank.

The sukuk will be issued subject to market conditions and the proceeds will be used for general funding purposes.

ADCB has been rated A1 with a negative outlook by Moody’s, A stable by Standard & Poor’s and A+ stable by Fitch.