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ESIC takes USD 700 mn sukuk to market amid strong investor interest: Sheikh Mansour bin Zayed Al Nahyan’s investment holding firm Emirates Strategic Investments (ESIC) has issued five-year, USD 700 mn senior sukukat 180 basis points over US treasuries, Reuters reports, citing a document it saw yesterday. The sukuk is part of a broader USD 2 bn trust certificate issuance program.
Orders for the issuance topped USD 1.7 bn, leading the bank to narrow the spread, the newswire added. The spread was revised downwards from initial price guidance of around 210 basis points over US Treasuries.
ADVISORS- Emirates NBD Capital, First Abu Dhabi Bank (FAB) and Standard Chartered Bank were selected as joint global coordinators, Reuters reported last month. Our friends at Mashreq, as well as Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB, Standard Chartered and Warba Bank were tapped as joint lead managers and joint bookrunners.
This marks the second sukuk issuance of the year in the UAE, after FAB kicked off the year with another oversubscribed USD 800 mn sukuk issuance in January.
IN OTHER DEBT NEWS-
USD 30 mn Opec Fund loan to Uganda: The Opec Fund for International Development — a financial institution made up of OPEC member countries — has committed a USD 30 mn loan to Uganda to develop its Katine-Ochero road infrastructure, with co-financing provided by the Islamic Development Bank and Uganda’s government, according to a press release. The project aims to strengthen transportation links in the central-east region, with the goal of improving speed and safety of travel for the local rural communities, as well as providing improved connections for small businesses to access marketplaces and shops.
