Dubai: Noor Bank has successfully priced its debut perpetual $500 million Tier 1 capital issuance, the first issuance from UAE in 2016.
In the midst of multiple regional issuers on the road looking to raise capital market funding, Noor Bank was able to print its inaugural AT1 Sukuk at a very competitive pricing on the back of strong investor demand, it said in a statement.
The final pricing came on the back of global roadshows across Middle East, Asia and Europe with an order book crossing over $1 billion.
“The strong investor demand we saw during this exercise was a testament of our brand recognition in the international capital markets as well as validation of our growth strategy by global investors’ community. The proposed issuance will significantly boost our capital ratios to support the future balance sheet growth of the Bank,” Hussain Al Qemzi, CEO, Noor Bank, stated.
Citi and Standard Chartered were the joint global coordinators for the issuance, whilst Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank and Sharjah Islamic Bank acted as the joint lead managers for the issuance. Ajman Bank and Union National Bank acted as Co-Lead Managers.
