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UAE's Al Hilal Bank sets final price range for $500 mln perpetual sukuk
June 24, 2014 / 8:38 AM / 3 years ago

UAE's Al Hilal Bank sets final price range for $500 mln perpetual sukuk

DUBAI, June 24 (Reuters) - Abu Dhabi’s Al Hilal Bank has set the final price range for its $500 million capital boosting sukuk issue, which will complete later on Tuesday, a document from lead managers said.

The transaction, which has a perpetual tenor but can be bought back by the lender after the fifth year, will price in the range of 5.5 percent and 5.625 percent, the document said.

Strong investor demand - order books were worth around $5 billion - helped the pricing tighten from the 5.75 percent area pricing guidance which was given on Monday.

The unlisted Islamic lender, owned by the Abu Dhabi Investment Council, has chosen itself as well as Citigroup , Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered to arrange the deal. (Reporting by Archana Narayanan; Writing by David French, Editing by William Maclean)

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