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Saudi Arabia’s Alinma Bank has issued IPTs for its US dollar-denominated 5.5-year AT1 sukuk offering, which is in the 7% area.
The sustainable perpetual non-call benchmark offering comes under Alinma’s $1 billion AT1 Capital Certificate Issuance Programme.
The issue date for the mudaraba sukuk is May 28, with the offering to be listed on the London Stock Exchange’s International Securities Market.
Banks mandated include Abu Dhabi Islamic Bank, Alinma Capital, Emirates NBD Bank, Goldman Sachs, JP Morgan Securities and Standard Chartered Bank, which have been appointed as joint lead managers and bookrunners.
The lender said the issuance will help improve the lender’s Tier 1 capital, with proceeds also used for general banking purposes.
Alinma Bank is rated A2 (Stable) by Moody’s, and A- (Stable) by S&P and Fitch.
(Writing by Bindu Rai, editing by Seban Scaria)
