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Saudi Arabia’s Bank Albilad has launched its debut USD-denominated AT1 sukuk--expected to be sized at $500 million--with IPTs in the 6.750% area.
The perpetual non-call 5.5 years (subject to early redemption) mudaraba sukuk is being issued under the lender’s $2 billion AT1 capital sukuk programme.
Albilad Capital and HSBC Bank plc are global coordinators and joint lead managers while Emirates NBD Capital and Goldman Sachs International are joint lead managers.
Albilad Bank is rated A2 (Stable) by Moody’s / A- (stable) by Fitch.
The sukuk will be listed on London Stock Exchange’s International Securities Market.
(Writing by Brinda Darasha; editing by Daniel Luiz)
