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Ajman Bank, rated BBB+ by Fitch with a stable outlook, is pricing a $500 million senior unsecured Reg S sukuk with initial price thoughts of T+ 165 bps.
Banks were mandated on Tuesday for the listing on Nasdaq Dubai and London Stock Exchange’s International Securities Market.
Settlement is slated for 30th April for the five-year sukuk, which is part of the bank’s $1.5 billion Trust Certificate Issuance Programme.
Ajman Bank is the region’s second to tap the market since US-trade tariff volatility hit markets in early April.
Mashreqbank issued its own five-year sukuk last week with IPTs of T+ 140 bps, landing at 105 bps.
(Writing by Imogen Lillywhite; editing by Seban Scaria) seban.scaria@lseg.com
