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The price was tightened on Saudi Alinma Bank’s $500 million WNG 5-year senior unsecured sukuk offering to 95 basis points plus Treasuries, with a benchmark yield of 3.987% and coupon of 4.937%.
Earlier, IPTs were in the area of 130 basis points plus Treasuries.
The Reg S Category 2 Wakala structure had an orderbook in excess of $1.9 billion, excluding JLM interest.
The Saudi lender is rated A2 (stable) by Moody’s, A- (stable) by S&P and A- (stable) by Fitch, with the sukuk expected to be rated A- by S&P and A- by Fitch, with an issue date of 15 July 2025
Proceeds will be used for general banking business, with the issuance to be listed on London Stock Exchange’s International Securities Market.
Abu Dhabi Islamic Bank, Alinma Capital, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, JP Morgan and Standard Chartered Bank have been appointed as Joint Lead Managers.
The issuance comes under Alinma Sukuk Limited’s $500 million Trust Certificate Issuance Programme.
(Writing by Bindu Rai, editing by Seban Scaria)
