HH Sheikh Mansour bin Zayed Al Nahyan/Supplied
The senior unsecured certificates were issued under the company’s recently established $1 billion Sukuk programme which is listed on the London Stock Exchange.
Thursday 25, July 2019 BY KUDAKWASHE MUZORIWA
Sheikh Mansour bin Zayed Al Nahyan’s Emirates Strategic Investments Company (ESIC) has issued a debut $600 million Sukuk with a tenor of five years at a profit rate of 3.93 per cent.
ESIC stated that more than 135 investors from over 20 countries participated and 61 per cent of the Sukuk was allocated to international investors (33 per cent to Asia, 24 per cent to Europe and four per cent to the US) while 39 per cent was allocated to GCC investors.
Khalid Deemas Al Suwaidi, the Chief Executive Officer of ESIC, said, “The Sukuk promotes the development of capital markets and Islamic finance in the UAE as well as setting an international benchmark for other UAE private company to follow.”
The issuance was jointly coordinated by First Abu Dhabi Bank and Standard Chartered Bank.
Additionally, Bank ABC, Dubai Islamic Bank together with Emirates NBD Capital, First Abu Dhabi Bank as well as National Bank of Bahrain, Standard Chartered Bank and Warba Bank were appointed as joint lead managers.
The company stated that investors’ demand for the Sukuk was strong, with orders for the deal reaching $3.7 billion, an over-subscription rate of 6.2 times.