ADIB raises 750 million dollars in sukuks

Abu Dhabi, Nov 1, 2010 (WAM)- Abu Dhabi Islamic Bank (ADIB) announced on Sunday US$750 million issue of five-year sukuk Islamic bonds, the first since 2006, rated A2 by Moody's and A+ by Fitch with a stable outlook from both. ADIB said in a statement that the issue was oversubscribed by nearly 4.8 times, adding the demand highlights confidence in the bank.
Tirad Mahmoud, ADIB's chief executive officer, said, "I am delighted that ADIB's return to the international capital markets was supported by extremely strong investor demand from across the Middle East, Europe and Asia. He added that "This success highlights the investor confidence in (the) emirate of Abu Dhabi's vision and fundamentals, and ADIB's status as Abu Dhabi's flagship Islamic bank." – Emirates News Agency, WAM