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UAE-based Islamic lender Ajman Bank has mandated banks for a debut Reg S five-year sukuk, making it the second lender in the country and the region to tap the market post US trade tariff announcements.
The bank, rated BBB+ by Fitch, outlook stable, has mandated Emirates NBD Capital, FAB J.P. Morgan and Standard Chartered Bank as joint global coordinators, with ADCB, ADIB, Citi, DIB, KFH Capital, Mashreq, QNB Capital, Sharjah Islamic Bank, ICD, Warba Bank, together, as joint lead managers and joint bookrunners.
A global investor call and fixed income investor calls will start on Tuesday, followed by a five-year benchmark size fixed rate, senior unsecured sukuk offering under the bank’s $1.5 billion trust certificate issuance programme, subject to market conditions.
Last week, Mashreq Bank was the first lender in the GCC to tap the sukuk market with its $500 million sukuk, which received strong investor interest.
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)
