LONDON: Abu Dhabi’s Senaat sees potential to issue an additional bond next year, its CEO said on Sunday.
The state-owned investor in the industrial sector last month issued $300 million in sukuk, or Islamic bonds, according to reports.
Jamal Al-Dhaheri, CEO of Senaat, said further bond issuances could be made next year.
“Yes, there is potential (for 2019). We wanted to test the market and the response was very good,” Al-Dhaheri was quoted as saying by Reuters.
He was speaking at an event to mark the listing of the first tranche of Senaat’s sukuk, valued at $300 million, which is dually listed on the Abu Dhabi Securities Exchange and London Stock Exchange.
The sukuk was raised at a profit rate of 4.76 percent with a seven-year tenure, and saw demand from over 180 local and global investors, exceeding the coverage ratio by almost tenfold, state news agency WAM reported.
“The listing of the sukuk on the Abu Dhabi Securities Exchange is an important milestone in the company’s history. This is the first time the company has entered the public markets to issue sukuk that can be traded in one of the world’s leading financial markets,” Al-Dhaheri was quoted as saying.