Bahrain - Al Salam Bank announced the appointment of ASB Capital, the asset management and investment banking arm of Al Salam Bank Group with AUM of $6 billion, by Alinma Bank as joint lead manager for its $500 million Tier 2 sukuk issuance, alongside Alinma Capital, Citigroup Global Markets, DBS Bank, Goldman Sachs International, J P Morgan Securities and Standard Chartered Bank, amid notable activity in the issuance of debt instruments from Saudi banks.

The mandate, coming on the heels of Gateway Gulf in Bahrain, reinforces ASB Capital’s leadership in delivering innovative Sukuk solutions and deepening its influence across regional capital markets.

Since its establishment in 2024, ASB Capital has expanded its assets under management to $6bn and played a leading role in several notable capital markets transactions across the region. These include serving as joint lead manager and bookrunner for Bapco Energies’ $1bn sukuk, advising on Al Salam Bank’s $450m AT1 issuance, and supporting Solidarity Bahrain’s $114m Tier 2 capital instrument. Most recently, the firm acted as joint lead manager and bookrunner on Kuwait International Bank’s $300m Sustainable Tier 2 sukuk. In addition to its track record in the debt capital market space, ASB Capital has successfully executed several M&A advisory mandates during the year spanning various industries including insurance, real estate and banking.

Commenting on the appointment, Rafik Nayed, managing director of ASB Capital, said: “This mandate builds on a strong pipeline of capital markets activity across the Gulf. We continue to see sustained appetite for sukuk, as issuers look to optimise capital structures and diversify long-term funding sources, while investors focus on resilient, well-structured opportunities backed by strong fundamentals. The depth and maturity of the regional market is creating space for more sophisticated instruments and wider participation. ASB Capital will remain at the forefront of enabling this growth by supporting clients throughout issuance, execution, and investor engagement.”

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