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Report: Abu Dhabi Islamic Bank mandates banks for $750M perpetual sukuk offering

Abu Dhabi Islamic Bank PJSC has mandated HSBC and JPMorgan to coordinate the sale of a $750 million perpetual Tier 1 sukuk, Reuters reported, citing three sources familiar with the matter.

Other banks are slated to join the transaction, which still requires final shareholder approval, at a later stage, according to the newswire.

The United Arab Emirates-based bank's investors are expected to vote Aug. 19 on the proposed debt sale, as well as the planned repayment of a $1 billion perpetual sukuk issued in 2012.

In July, the lender's board recommended to increase its issued capital via a rights issue of 1 billion dirhams.

As of Aug. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.