ADIB's green sukuk debut takes off: Abu Dhabi Islamic Bank's (ADIB) USD-denominated green sukuk debut successfully raised USD 500 mn, according to a statement released last week. The green sukuk issuance was 5.2x oversubscribed, closing at USD 2.6 bn. The oversubscription allowed the lender to tighten the final price to 115 bps over the five-year US Treasury Rate from the initial announced price of 145 bps.

Strong demand: A majority of the interest emerged from MENA, accounting for 78% of the allocations, the statement noted. 13% of the allocations came from Europe and 9% from Asia and USA. Private banks accounted for 26% of the investors, followed by commercial banks (42%) and asset and fund managers (17%).

Where is the money going? ADIB intends to allocate the issuance's net proceeds to fund green projects to accelerate the green transition, the statement noted.

What they said: "We are thrilled to be the first financial institution in the world to issue the first USD-denominated green sukuk, which builds on ADIB's efforts to address climate change and to advance sustainable solutions that protect the environment and help facilitate a transition to a low-carbon economy," said ADIB Group's CEO Nasser Al Awadhi.

Advisors: The Islamic lender tapped Standard Chartered Bank as sole global coordinator, along with Emirates NBD Capital, First Abu Dhabi Bank, and Sharjah Islamic Bank as joint bookrunners and joint lead managers, according to the document. ADIB itself will also jump in as a joint bookrunner and manager.