Saudi Alinma Bank's $500mln AT1 sukuk offering launched
Saudi Arabia's Alinma Bank, rated A2 (Stable) by Moody's, and A- (Stable) by both S&P and Fitch, has launched its US dollar-denominated $500 million sukuk with a yield set at 6.5%. Its IPTs were in the 7% area.
The sustainable perpetual non-call 5.5-year AT1 offering has an order book in excess of $1.75 billion, excluding JLM interest.
The mudaraba sukuk, which comes under Alinma's $1 billion AT1 Capital Certificate Issuance Programme, will 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.
(Writing by Bindu Rai, editing by Seban Scaria)
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