The final orderbook is in excess of $1.65bln, excluding JLM interest.
Saudi Arabia’s Bank AlJazira, rated A3 (stable) / A-(stable) by Moody’s and Fitch, has priced its dollar-denominated, benchmark perpetual non-call 5.5-year AT1 sukuk on par, with a profit rate of 6.5% and a reset margin of +284.7 bps.
The price was marginally tightened from the initial price thoughts in the 6.875% area.
The final orderbook for the Reg S, Category 2 sukuk was in excess of $1.65 billion, excluding JLM interest.
The Mudaraba structure will be listed on London Stock Exchange’s International Securities Market and will come under the lender’s $1.5 billion Additional Tier 1 Trust Certificate Programme.
Banks mandated included Al Jazira Capital, Citigroup Global Markets Limited, Dubai Islamic Bank, Emirates NBD Bank, JP Morgan Securities, Mashreqbank and Standard Chartered Bank as Joint Lead Managers and Bookrunners.
In January, Bank AlJazira tapped the markets for a Perpetual 1-billion-riyal ($270 million) AT1 sukuk offering through a private placement to boost its capital.
In Latin America and the Caribbean (LAC), one in five people report experiencing or knowing…
Commodity booms are easy to celebrate but hard to manage. For resource-rich economies, commodity windfalls—if…
Policy narratives in the US on China have undergone a dramatic transformation in recent years.…
Trade in critical metals essential for electrification has become centred on China over the last…
The voluntary carbon market was built on a single promise: that one credit cancels one…
Macroprudential policy is designed to make the financial system safer, but it can also reshape…