February 1, 2018 / 7:23 AM / 8 months ago

First Abu Dhabi Bank mandates banks for dollar sukuk - sources

DUBAI, Feb 1 (Reuters) - First Abu Dhabi Bank, the largest bank in the United Arab Emirates, has appointed banks to lead a U.S. dollar-denominated sukuk issue, sources familiar with the matter said.

The lender will meet investors on Feb. 5 in London ahead of the planned Islamic bond issue.

Citi, First Abu Dhabi Bank, KFH Capital, NCB Capital and Standard Chartered will lead the deal, which has a five-year tenor, said the sources.

The sukuk is expected to be of benchmark size, which generally means upwards of $500 million.

FAB did not immediately respond to a request for comment.

The bank, formed by a merger of National Bank of Abu Dhabi and First Gulf Bank, is tapping the sukuk market to diversify its funding sources, one source close to the deal said.

The planned debt sale would be part of FAB’s $2.5 billion sukuk programme.

Reporting by Davide Barbuscia; Editing by Andrew Torchia

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