Cash And Trade Magazine For Cash and Trade professionals in the Middle East
Abu Dhabi (March 26, 2014) – The National Bank of Abu Dhabi (NBAD) lead- sukuk that was issued by the Dubai Department of Finance, has been named the UAE Deal of the Year at the recent Islamic Finance News Awards.
The US$750 million 10 year Sukuk issuance was priced at a profit rate of 3.875%. The oversubscription level of 14.6 times was the largest ever for a sovereign Sukuk transaction.
“Winning the Deal of the Year from a respected trade publication is a testament to the merits of the transaction and confirms our success to expand Shari’a-compliant products and services in the capital markets,” said Fawaz Abusneineh, Head of Debt Capital Markets at NBAD. “NBAD is committed to the development of Islamic capital markets for our core clients, by increasing the diversity and the sophistication of products.”
The deal was chosen as the Deal of the Year in a poll of Islamic finance issuers, investors, non-banking financial intermediaries and government bodies from around the world, conducted by Islamic Finance News. These were then judged by a panel of experts from non-competing organisations. Established in 2005, the poll is the industry’s leading and most comprehensive annual poll to honor the best in the Islamic financial industry.
NBAD is ranked one of the World’s 50 Safest Banks and the Safest Bank in the Emerging Markets by Global Finance. Last year, NBAD was named the Best Debt Capital Markets House in the Middle East and the UAE by Euromoney magazine; and the ‘Best Corporate Bond Arranger Award’ at The Banker Middle East Product Awards 2013.
