By region, the distribution was: Middle East 60%; Asia 20%; Europe 20%. Investor breakdown: banks and treasury 48%; asset managers 21%t; central banks 15%; private banks 14%; others 2%.
TDIC is responsible for the development of Abu Dhabi's high profile infrastructure projects such as the flagship Saadiyat Island, which will house the Louvre museum, a campus for New York University and a Guggenheim art gallery. These projects are part of a comprehensive economic development plan for the Emirate.
Mohammed Dawood, Director of Debt Capital Markets, HSBC Amanah, commented: "The TDIC sukuk is significant for a number of reasons: it is the first sukuk ever to be issued by an Abu Dhabi government entity, and the largest non-sovereign sukuk to be issued from the Gulf region during 2009.
"The issue was heavily oversubscribed, with almost $7bn committed from an investor community that has an ever growing appetite for this asset class."
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HSBC Amanah leads $1bn sukuk for Tourism Development and Investment Company
- United Arab Emirates: Wednesday, October 14 - 2009 at 17:10
- PRESS RELEASE
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HSBC Amanah acted as lead manager for the first sukuk to be issued by an Abu Dhabi government entity, a $1bn, Sukuk Al Ijara for Abu Dhabi's Tourism Development and Investment Company [TDIC]. The five year, $1bn sukuk was priced at 230 basis points over mid swaps and was almost seven times oversubscribed.
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Posted by Nadeen El AjouWednesday, October 14 - 2009 at 17:10 UAE local time (GMT+4)
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For more details:
Lucy KELLY
Corporate Communications Manager | HSBC Amanah
HSBC Bank Middle East Ltd, Emaar Square, Building No. 5, Floor 2
PO Box 502601, Dubai, United Arab Emirates
Phone. +971-4-4235201
Fax. +971-4-4237270
Lucy KELLY
Corporate Communications Manager | HSBC Amanah
HSBC Bank Middle East Ltd, Emaar Square, Building No. 5, Floor 2
PO Box 502601, Dubai, United Arab Emirates
Phone. +971-4-4235201
Fax. +971-4-4237270
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