29 May 2016
Dubai, UAE - ‎Noor Bank has successfully priced its debut perpetual US$ 500 million Tier 1 capital issuance. In the midst of multiple regional issuers on the road looking to raise capital market funding, Noor Bank was able to print its inaugural AT1 Sukuk at a very competitive pricing on the back of strong investor demand. This was the first perpetual Tier 1 issuance from UAE in 2016.

The final pricing came at the back of global roadshows across Middle East, Asia and Europe with an order book crossing over USD 1Bn.

Speaking about the Sukuk issuance, Hussain Al Qemzi, CEO, Noor Bank, said: "We are very pleased with the outcome of our inaugural Tier 1 issuance, which has again enabled us to set an industry benchmark by printing the lowest‎ priced contingent Basel 3 compliant Tier 1 paper in Dubai. Our senior Sukuk issued last year continues to remain one of the lowest priced FI Sukuk in UAE till date.

The strong investor demand we saw during this exercise was a testament of our brand recognition in the international capital markets as well as validation of our growth strategy by global investors' community. The proposed issuance will significantly boost our capital ratios to support the future balance sheet growth of the Bank."

Citi and Standard Chartered were the joint global coordinators for the issuance, whilst Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank and Sharjah Islamic Bank acted as the joint lead managers for the issuance. Ajman Bank and Union National Bank acted as Co-Lead Managers.

Noor Bank made its foray in the international markets in April 2015 after successfully pricing its inaugural five-year US$ 500 million Sukuk in 2015.

-Ends-

About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by a Fatwa and Shari'a Supervisory Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated "A-" IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.  For further details, please visit: www.noorbank.com or call 800 6667.

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