IslamicFinance.de

Al Hilal Bank (AHB), rated A1by Moody's and A+ by Fitch, priced its highly successful debut $500 million Sukuk issued at par with 3.267 per cent semi-annual profit rate with a spread of 170 bps over the US Dollar at five-year mid swaps (MS). AHB, Citigroup, HSBC, NBAD and Standard Chartered Bank acted as Joint-Lead Managers and Joint Bookrunners, with BIBD, Maybank IB, SIB and UNB acting as co-Managers. The geographical distribution of the issue was as follows: 37 per cent to the UAE, 21 per cent to the rest of the Middle East, 22 per cent to Asia, 17 per cent to Europe, and 3 per cent to US offshore investors. The Trust Certificates will be listed on the Irish Stock Exchange under AHB’s $2.5 billion Trust Certificate Programme.