Adib to hold roadshow from Wednesday

Abu Dhabi Islamic Bank will kick off a non-equity investor roadshow in Asia, Europe and the Middle East on October 20, it said on Monday, amid talks that the lender is planning to issue an Islamic bond, or sukuk.

Last week, sources said Adib, the second largest Islamic lender in the UAE, had mandated three banks to arrange a sale.

Adib has mandated Barclay's Capital, HSBC and Standard Chartered, for the sukuk, the sources said, declining to be identified.

The bank is eyeing a US-dollar denominated Reg S only Islamic bond, a report by IFR, a Thomson Reuters unit, said on Monday.

Representatives from Adib declined to comment.

Adib refreshed a $5 billion sukuk programme in July that had originally been launched in 2006. The bank has not yet sold any bonds under the programme, a spokeswoman said in July.

After a slowdown over the past year, Gulf-based sukuks are poised for a revival as large corporate and government issues come to market.

Qatar Islamic Bank sold a $750 million sukuk last month while Islamic Development Bank (IDB) has put a $3.5 billion sukuk programme into place and is currently conducting a road show in Europe.

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