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Saudi Arabia’s Alinma Bank, rated A2 by Moody’s and A– by both S&P and Fitch, has mandated Alinma Capital, ASB Capital, Citigroup, DBS Bank, Goldman Sachs International, JP Morgan, and Standard Chartered as joint bookrunners and lead managers for a potential US dollar-denominated Tier 2 sukuk offering.
The proposed 10-year non-call five-year subordinated sukuk will be issued under Reg S format and is expected to be rated BBB by Fitch.
Investor calls for the transaction are scheduled to begin on Monday.
Alinma Bank last issued a US$500 million no-grow sustainable perpetual non-call 5.5-year ATI sukuk at 6.25% in August this year. The price was 50 basis points inside of initial price talks, with a final book of over $1.75 billion.
(Writing by Brinda Darasha; editing by Daniel Luiz)
