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.
As the postwar international order fragments and universal agreement becomes increasingly elusive, policymakers face a…
Occupational licensing has attracted growing attention in advanced economies, yet little has been known about…
The dollar's role as the world's reserve currency has been blamed for an overvalued exchange…
Oil price shocks do not simply make conflict more likely everywhere; they change where violence…
There is growing evidence that place-based industrial policies lead to positive economic effects. This column…
Christian Mumssen, the fund's new director of strategy, cited a rapid succession of major shocks…