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Saudi Arabia’s Alinma Bank has announced a mandate for the issuance of USD denominated sustainable AT1 Capital Certificates, which comes under its $1 billion AT1 Capital Certificate Issuance Programme.
The Reg S 5.5-year non call perpetual fixed rate resettable sukuk offering is expected via a special purpose vehicle and will be open to eligible investors in Saudi and internationally.
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.
Alinma Bank has 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)
