ZAWYA: First Abu Dhabi Bank to issue a 5-year USD benchmark sukuk, IPTs in 115bps area
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First Abu Dhabi Bank (FAB) has announced the issuance of a five-year USD benchmark sukuk, with initial price thoughts (IPTs) in the 115bps area over US Treasuries. The sukuk, part of a $5 billion Trust Certificate Issuance Programme, is expected to be rated in line with FAB's ratings of Aa3 by Moody’s and AA- by Fitch and S&P. Joint lead managers include Abu Dhabi Islamic Bank, Dubai Islamic Bank, and Standard Chartered Bank. The sukuk will be priced today, with a settlement date of May 13, and will be listed on the London Stock Exchange.
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