November 8, 2012 / 12:16 PM / 5 years ago

Abu Dhabi Islamic Bank launches $1 bln Tier 1 sukuk - leads

DUBAI, Nov 8 (Reuters) - Abu Dhabi Islamic Bank, the emirate's largest sharia-compliant lender, launched a $1 billion hybrid sukuk on Thursday to boost its core capital, arranging banks said.

The Tier 1 perpetual sukuk, which has no defined maturity date, was launched at a profit rate of 6.375 percent, tighter than indicated guidance, after receiving orders of over $15 billion for the deal.

The bank has mandated itself, HSBC Holdings, Morgan Stanley Inc, National Bank of Abu Dhabi and Standard Chartered Plc to arrange the deal. (Reporting by Rachna Uppal; Editing by David French)

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