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The UAE'-based Ajman Bank, rated BBB+ by Fitch with a stable outlook, has launched a $300 million unrated Reg S perpetual non-call 5.5-year AT1 capital sukuk at a yield of 6.50%, marking the UAE Islamic lender's first capital securities transaction. The sukuk will be issued under a Mudaraba structure.
Initial price thoughts (IPTs) were set in the 7% area before tightening to the final yield of 6.50%. Books exceeded $500 million, excluding joint lead manager interest. Ajman Bank's inaugural sukuk, which was launched in April 2025, carried a fixed profit rate of 5.125%.
ASB Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, Mashreq, Morgan Stanley, Standard Chartered Bank and Warba Bank acted as joint lead managers and bookrunners.
(Writing by Ahmad Mousa; editing by Brinda Darasha)
