Dubai-listed Ajman Bank, rated BBB+ by Fitch (with a stable outlook), has mandated a group of regional and international banks to arrange a USD-denominated unrated Reg-S perpetual non-call 5.5-year fixed rate resettable AT1 capital sukuk, in what would be the UAE Islamic lender’s second ever sukuk issuance and its first capital securities transaction.

ASB Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, Mashreq, Morgan Stanley, Standard Chartered Bank and Warba Bank have been appointed as joint lead managers and bookrunners for the planned issuance. The banks begin investor calls today ahead of a potential transaction. 

The planned offering follows the lender’s debut in the international sukuk market with a $500 million five-year issuance in April 2025. Ajman Bank’s inaugural sukuk, which carried a fixed profit rate of 5.125%, was more than five times oversubscribed.

(Writing by Ahmad Mousa; editing by Brinda Darasha)
Ahmad.mousa@lseg.com