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| Abu Dhabi Islamic Bank | |
| Size | $1 billion perpetual non-call six-year hybrid tier 1 sukuk |
| Bookrunners | ADIB, HSBC, Morgan Stanley, National Bank of Abu Dhabi, Standard Chartered |
| return to the Middle East and Africa Deals of the Year index | |
With little happening in regional equity issuance, the most important deals in 2012 in the Middle East, even more than other emerging regions, were in debt – and, in particular, sukuk. This was the year when Islamic capital market issuance really found its voice, from Qatar’s international record $4 billion sukuk to a Turkish sovereign debut, Axiata’s dim sum sukuk and important domestic deals in Saudi Arabia and Malaysia. There was a record $144 billion of issuance in 2012, according to Ifis, part of the Euromoney group.
You can read more on some of these deals in our Islamic finance awards, but the trend warranted recognition in this section too, and we selected Abu Dhabi Islamic Bank’s $1 billion tier 1 perpetual, launched in November.
This deal logged a number of firsts. Most important, it was the first ever Shariah-compliant tier 1 issue – in fact, the first ever tier 1 instrument issued by a Middle Eastern bank, whether in sukuk or conventional form.
