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ABU DHABI / WAM
Al Hilal Bank, rated A2 by Moody’s and A+ by Fitch successfully closed a $500 million five-year Senior Sukuk.
The transaction, under Al Hilal Bank’s new management team, marks the first Senior Public Sukuk from the UAE since April 2018, and re-opens the Capital markets for GCC issuers. Al Hilal Bank was last in the market with a Senior Public Sukuk in 2013.
The success of the transaction came on the back of an extensive marketing strategy aimed at updating International and Regional investors with regard to Al Hilal Bank’s strategy and
financial performance.
The management team, led by CEO, Alex Coelho, met with over 90 institutional investors in London, Hong Kong, Singapore, Kuala Lumpur, Kuwait, Abu Dhabi and Dubai prior to placing the Sukuk. Coelho was joined in the meetings by Craig Bell, CFO and David Whitcroft, Treasurer.
Coelho provided details to investors on the Bank’s strong shareholder support, the exceptional make-up and commitment of the Bank’s Board and the prospects offered to the bank by the Abu Dhabi economy.