NBAD facilitates Britain's debut sovereign sukuk

The National Bank of Abu Dhabi (NBAD) has executed the British government’s debut sukuk issue in its capacity as joint lead manager and joint book runner.

This investment vehicle is the first-ever sovereign sukuk by a non-Islamic country and the first ever offered to the public in pounds sterling. The deal is for GBP200 million and has a maturity of five years. The offering was 11.5 times oversubscribed and was well received by the investor community, and in particular by major institutional and Islamic accounts.

"This mandate confirms NBAD’s position as a leading debt capital markets and sukuk house and is testament to our capability to deliver innovative term financing solutions for our customers," said Alex Thursby, the Group Chief Executive Officer of NBAD.

Year-to-date global sukuk issuance has reached $24 billion.

"This growing market provides a valuable and diversified funding source for clients across the West-East corridor," Thursby said.






 

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