Wednesday 19, September 2018 by Kudakwashe

Al Hilal Bank successfully closes $500 million Sukuk

 

The investor base was diversified geographically, with a 25 per cent allocation to Europe, 20 per cent to Asia and 55 per cent to the Middle East.

Al Hilal Bank has successfully closed a $500 million five-year senior Sukuk.

In a statement, the lender said that the success of the transaction came on the back of an extensive marketing strategy aimed at updating international and regional investors with regard to Al Hilal Bank’s strategy and financial performance.

The bank's management team met with over 90 institutional investors in London, Hong Kong as well as Singapore, Kuala Lumpur, Kuwait, and the UAE prior to placing the Sukuk.

Alex Coelho, Al Hilal Bank’s CEO, said that the bank is committed to accessing global markets to diversify funding sources and further enhance strong liquidity profile.

Al Hilal Bank, Dubai Islamic Bank as well as Emirates NBD Capital and First Abu Dhabi Bank are the local lenders who acted as joint lead managers and joint bookrunners on the Sukuk.

Additionally, the international lenders who acted as joint lead managers and joint bookrunners on the Sukuk are HSBC, JP Morgan, Nomura and Standard Chartered Bank.

The Sukuk was issued as a ‘drawdown’ under the bank’s $2.5 billion trust certificate issuance programme listed on the Irish Stock Exchange.

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