Dubai, UAE – Nasdaq Dubai welcomed the listing of additional first tranche (AT1) permanent sukuk worth US$300 million. Issued by Ajman Bank, this is the bank’s first issuance of capital instruments of this type.
The permanent instruments were issued from the first additional tranche worth $300 million, and are not callable for a period of five and a half years. According to a speculative structure, with a return of 6.50%.
The permanent instruments from the first additional tranche support Ajman Bank’s strategy by strengthening its regulatory capital base and diversifying financing sources. It also comes as a continuation of the first issuance of major instruments by the bank during the past year. Reflecting its continued strengthening of its presence in the capital markets.
The issuance witnessed strong demand from investors, as the size of the subscription record exceeded $500 million, excluding the shares of the two joint main issuance managers. Representing coverage of approximately 1.7 times.
In terms of geographical distribution, 89% of the permanent instruments from the first additional tranche were allocated to investors in the Middle East and North Africa region. The remaining 11% was distributed among international investors in the United Kingdom, Europe and Asia.
This brings the total value of bonds listed by Ajman Bank on Nasdaq Dubai to $800 million. With this listing, the total value of the instruments listed on Nasdaq Dubai reaches $98 billion. The total value of debt instruments listed on the stock exchange exceeded $140 billion, distributed over 174 listings. This consolidates the stock exchange’s position as one of the world’s leading platforms for listing sukuk.
