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Al Hilal Bank, rated A2 by Moody’s and A+ by Fitch has successfully closed a $500 million 5-year Senior Sukuk.
The transaction, under Al Hilal Bank’s new management team, marks the first Senior Public Sukuk from the UAE since April 2018, and re-opens the Capital markets for GCC issuers. Al Hilal Bank was last in the market with a Senior Public Sukuk in 2013.
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 management team, led by CEO, Alex Coelho, met with over 90 institutional investors in London, Hong Kong, Singapore, Kuala Lumpur, Kuwait, Abu Dhabi and Dubai prior to placing the Sukuk. Coelho was joined in the meetings by Craig Bell, CFO and David Whitcroft, Treasurer.
Mr. Coelho provided details to investors on the Bank’s strong shareholder support, the exceptional make-up and commitment of the Bank’s Board and the prospects offered to the Bank by the Abu Dhabi economy.
He stressed ‘quality’ as the key reference point for the Bank’s strategy. In particular, he highlighted the focus on high quality Financings and the “best-in-class” Risk Management and Governance. Coelho said that he was proud to reference the Bank’s highly valued and loyal customer base as a key strength.
“Given these factors,” he noted, “The Bank has a very strong base and is ideally positioned to grow in alignment with the economic ambitions of the UAE.” In the context of a return to Senior Public Sukuk issuance after a gap of 5 years, Mr. Coelho said that Al Hilal Bank is committed to accessing global markets to diversify funding sources and further enhancing the Bank’s strong liquidity profile.
Investors reacted positively to Al Hilal Bank’s strategy. The order book reached $1.4b (close to 3 times oversubscription) with demand from over 70 investors.
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