HSBC has appointed Allen & Overy as arranger and dealer for a US$5 billion Trust Certificate Issuance Program established by Abu Dhabi Islamic Bank (ADIB).
The program is the first UAE Sukuk to be listed on the London Stock Exchange and is the largest program in the region.
The Sukuk structure will permit both senior and subordinated issuance – making it the first time a subordinated Sukuk is introduced in UAE. Each subordinated issuance will be treated as part of ADIB’s regulatory capital. The first issue under the program, a US$800 million debut Islamic Sukuk issue, was announced recently.
Partner Roger Wedderburn-Day commented: “We were delighted to have advised HSBC on this prestigious transaction, which enhances our reputation for being at the cutting edge of the rapidly expanding Islamic finance market.”