GulfBase Live Support
14/06/2016 06:35 AST
Abu Dhabi government-owned Al Hilal Bank has raised $225 million by privately placing Islamic bonds, the lender said on Monday, describing the deal as the first private placement of sukuk by a UAE financial institution.
The issue, maturing in January 2019, was priced at the three-month London interbank offered rate plus 160 basis points. It was the first senior, unsecured US dollar sukuk issue by an Abu Dhabi entity since 2013, Al Hilal said.
“We aim to work towards raising funding for the medium term to enhance our funding profile and meet balance sheet growth targets," chief executive Khaled Abdulla Alkhoori said in a statement.
The issue was the second tranche of the bank’s $2.5 billion notes programme; in the first tranche, Al Hilal raised $500 million of five-year debt in 2013.
UAE companies in the real estate and construction industries have made private placements of sukuk in the past several years.
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