The transaction, which was nine times oversubscribed, drew demand worth
The offering follows the bank's inaugural senior sukuk offering in October last year and has been structured to increase the probability of compliance with Basel III, the voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk.
The issuance was priced at par with a profit rate of 5.5 per cent, which represents the lowest coupon ever achieved by any bank for a USD Tier 1 issuance outside of the US since 2008.
The joint lead managers for the issue included
The issuance has a diverse geographical distribution, with the Mena region comprising (40 per cent),
Investor types involved in the transaction included funds (32 per cent); private banks (31 per cent); banks (29 per cent); and insurance (eight per cent).
"The strong investor interest resulted in the transaction achieving a
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