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    FAB   AEN000101016


End-of-day quote. End-of-day quote Abu Dhabi Securities Exchange - 10/20
17.98 AED   -0.88%
10/20Fab Hires Sanjay Sethi as Head of Global Transaction Banking
10/14ALPHA DHABI : Abu Dhabi's IHC to IPO subsidiary Multiply this year, CEO says
10/13Etihad raises $1.2 billion in sustainability-linked debt
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Property firm owned by Abu Dhabi royals pulls $350 mln sukuk

07/08/2021 | 04:05am EDT

DUBAI, July 8 (Reuters) - A $350 million sukuk deal from Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD), a relatively small real estate player in Abu Dhabi owned by members of its ruling family, was pulled late on Wednesday, financial sources said.

PD had been seeking up to $600 million and would most likely have had the outlook on its 'Ba1' Moody's rating changed to negative from stable had the deal priced at the $350 million size, three of the sources said, two of them adding it likely faced a downgrade.

"It was the decision of the Private Department of Sh. Mohammed bin Khalid Al Nahyan to cancel the transaction as the proceeds received did not match with the plan and vision of the Private Department as explained to the potential investors," the company said in response to a Reuters request for comment.

Moody's declined to comment.

In a note seen by Reuters that was sent to investors just before midnight, after allocations were out, the company said it had decided not to proceed with the offering and it would revisit the fundraising plans "at an appropriate time, subject to market conditions".

The firm's total debt was 2.17 billion dirhams at the end of 2020, an investor presentation reviewed by Reuters for the sukuk showed.

"I think the rating was predicated on them having a little bit extra for additional spending," one of the sources said, adding if the company did not have enough cash for its projects, that would clearly impact its credit assessment.

Emirates NBD Capital and First Abu Dhabi Bank were hired to coordinate the transaction, and Abu Dhabi Commercial Bank, Dubai Islamic Bank and Mashreq were also involved in the deal.

Bond deals are rarely cancelled, and there have only been sporadic episodes among Gulf issuers in the past few years, as investor demand is generally high due to the high yields these transactions offer. (Reporting by Davide Barbuscia and Yousef Saba Editing by Mark Potter)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI COMMERCIAL BANK PJSC 0.61% 8.25 End-of-day quote.33.06%
DUBAI ISLAMIC BANK P.J.S.C. 0.79% 5.08 End-of-day quote.10.20%
EMIRATES NBD BANK PJSC 0.73% 13.8 End-of-day quote.33.98%
FIRST ABU DHABI BANK P.J.S.C. -0.88% 17.98 End-of-day quote.39.38%
MASHREQBANK PSC 3.57% 72.5 End-of-day quote.6.77%
SAFWA ISLAMIC BANK 0.55% 1.82 End-of-day quote.30.00%
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10/20Fab Hires Sanjay Sethi as Head of Global Transaction Banking
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Analyst Recommendations on FIRST ABU DHABI BANK P.J.S.C.
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Sales 2021 19 164 M 5 218 M 5 218 M
Net income 2021 10 957 M 2 983 M 2 983 M
Net Debt 2021 - - -
P/E ratio 2021 18,2x
Yield 2021 4,06%
Capitalization 196 B 53 409 M 53 414 M
Capi. / Sales 2021 10,2x
Capi. / Sales 2022 9,83x
Nbr of Employees 5 451
Free-Float 66,6%
Duration : Period :
First Abu Dhabi Bank P.J.S.C. Technical Analysis Chart | MarketScreener
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Technical analysis trends FIRST ABU DHABI BANK P.J.S.C.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 11
Last Close Price 17,98 AED
Average target price 15,56 AED
Spread / Average Target -13,5%
EPS Revisions
Managers and Directors
Hana Al-Rostamani Group Chief Executive Officer
James Burdett Group Chief Financial Officer
Tahnoun bin Zayed bin Sultan Al-Nahyan Chairman
Fadhel Abdulbaqi Abul Hasan Al-Ali Group Chief Operating Officer & Deputy Group CEO
Ahmed Mohamed Sultan Al-Dhaheri Non-Executive Director
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