DUBAI, Sept 30 (Reuters) - Abu Dhabi government-owned Al
Hilal Bank will price its debut Islamic bond offering on
Tuesday, subject to market conditions, a document from lead
managers said, with investors showing strong demand for the
Books are now open for the transaction, with commitments
from investors already totalling $2.75 billion, the document
Lead managers had said on Sunday that the five-year sukuk
would be of benchmark size - traditionally understood to be
worth at least $500 million - with initial price guidance set at
190 basis points over midswaps.
While bankers often hedge the timetable for pricing bond and
sukuk issues with 'subject to market conditions', such a
statement is more pertinent in this case, given the uncertainty
in financial markets stemming from the potential shutdown of the
U.S. government later on Monday.
Al Hilal, fully owned by state fund Abu Dhabi Investment
Council, is due to conclude meetings with fixed-income investors
on Monday in London.
Citigroup, HSBC, National Bank of Abu Dhabi
and Standard Chartered are arranging the
roadshows, along with Al Hilal itself.
(Reporting by Umesh Desai; Writing by David French; Editing by