Ittihad International Investment USD 500 mn sukuk oversubscribed 4x: Abu Dhabi-based non-oil investment conglomerate Ittihad International Investment issued a five-year USD 550 mn senior unsecured sukuk, which attracted some USD 2 bn in orders, according to a press release. Some 65% of allocations went to investors outside the MENA region.

The details: The benchmark transaction was upsized to USD 550 mn and priced at 7.375%, 50 basis points tighter than initial guidance. Fitch and S&P recently upgraded Ittihad’s credit rating from B+ to BB-, which helped boost demand. The sukuk — which is non-call for the first two years — was listed on The International Stock Exchange, according to a separate press release.

ADVISORS- Abu Dhabi Commercial Bank, Ajman Bank, Al Rajhi Capital, Arab Bank, Arqaam Capital, Bank of Sharjah and Dubai Islamic Bank served as joint bookrunners and joint lead managers for the facility. Abu Dhabi Islamic Bank, BofA Securities, First Abu Dhabi Bank, HSBC, Emirates NBD Capital, and JPMorgan were joint global coordinators and bookrunners.

REMEMBER- The group secured a USD 450 mn sustainability-linked revolving credit facility at the start of the year as it looked to shore up its capital base, boost liquidity, support expansion plans, and lower financing costs.

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