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Sunday, December 10, 2023

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Abu Dhabi Islamic Bank prepares for debut green Sukuk offering

Abu Dhabi Islamic Bank (ADIB) has hired banks for the issuance of its inaugural green Sukuk offering, which it said would be a US dollar-denominated rated senior facility subject to market conditions.

The bank mandated Standard Chartered Bank as the sole global coordinator and sustainability structurer, while ADIB, Emirates NBD, First Abu Dhabi Bank and Sharjah Islamic Bank were appointed as joint bookrunners and joint lead managers.

A global investor call was arranged on the 6th November 2023, with a series of fixed-income investor calls and meetings slated for the 7th November in London.

The Sukuk issuance serves to build upon ADIB’s commitment to embedding ESG risk assessments into the bank’s operations, read a statement.

The Islamic bank had last week published its first-ever Sustainable Finance Framework, which establishes the criteria and eligibility requirements of projects labeled green, social or sustainable that the bank can finance or refinance. This includes the issuance of green, social and sustainability Sukuk facilities.

“Emphasis is placed on projects with environmental benefits across renewable energy, energy efficiency, green buildings, pollution prevention and control, sustainable water and wastewater management, clean transportation and projects supporting social objectives, including access to healthcare and education, employment generation and affordable housing,” the bank said.

ADIB joins other corporates that issued green Sukuk facilities in the past year, including Dubai Islamic Bank, which issued two sustainable papers, First Abu Dhabi Bank, DP World, Aldar Investment Properties and Majid Al Futtaim.

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