ADIB Lists Successfully its $500m Green Sukuk on London Stock Exchange Market and Sustainable Bond Market
Key Highlights :
Abu Dhabi, UAE; 13 November 2023: Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, has successfully listed its $500 million green sukuk, the world’s first dollar denominated green sukuk, on London Stock Exchange’s International Securities Market and Sustainable Bond Market.
The listing of the world’s first dollar denominated green sukuk is a momentous milestone for ADIB, and the bank has been met with exceptional demand with the final orderbook closing at USD 2.6 billion, representing an oversubscription rate of 5.2 times. This has allowed the final price guidance to be tightened meaningfully by 30 basis points to 115 basis points over five-year U.S. Treasury Rate.
Commenting on the successful listing, ADIB’s CEO said: “We are celebrating a great milestone for the ADIB with the listing of the world’s first ever dollar denominated green sukuk in an international financial market. This success underscores the bank’s steadfast commitment to sustainability and to offer a platform for like-minded investors who share our vision of supporting environmentally and socially beneficial projects. We are delighted by the positive response from global and regional investors, demonstrating a shared commitment to responsible financial practices and sustainability. This milestone reinforces our position as a leader in sustainable finance and reaffirms our commitment to creating a lasting impact on our community and the world, guided by Islamic principles and global sustainability standards”.
ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects to accelerate climate transition, which may include the financing or refinancing of green projects as well as financing customers for eligible green projects as described under the Eligibility Criteria in the ADIB sustainable finance Framework.
At the core of ADIB’s Sustainable Finance Framework lies a commitment to transparency, stewardship, fairness, and social responsibility, in alignment with Shari’a principles. This framework is a testament to ADIB’s dedication to ensuring that its financial instruments are ethical, socially responsible, and environmentally sustainable.
The listing of the world’s first dollar denominated green sukuk on London Stock Exchange’s International Securities Market and Sustainable Bond Market is a major milestone for ADIB, and a testament to the bank’s commitment to sustainability and responsible financial practices. The successful listing will help to accelerate climate transition and create a lasting impact on the community and the world, guided by Islamic principles and global sustainability standards.
