September 12, 2018 / 1:34 PM / 2 months ago

Abu Dhabi Islamic Bank sets final terms for $750 mln sukuk

DUBAI, Sept 12 (Reuters) - Abu Dhabi Islamic Bank is expected to complete on Wednesday a $750 million fundraising through perpetual sukuk, or Islamic bonds, with a profit rate of 7.125 percent, a document by one of the banks arranging the deal showed.

ADIB, the largest sharia-compliant lender in Abu Dhabi, started marketing the notes earlier on Wednesday with a price guidance of around 7.5 percent.

The Additional Tier 1 perpetual bonds are similar to an equity instrument in the fact that they have no maturity.

ADIB, HSBC and JPMorgan coordinated the deal, which received over $2 billion in orders, according to the document. (Reporting by Davide Barbuscia Editing by Matthew Mpoke Bigg)

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