Ajman Bank’s first capital securities transaction, a $300 million Additional Tier 1 (AT1) Perpetual Sukuk, was listed on Nasdaq Dubai today. Ajman Bank’s strategy is bolstered by the Additional Tier 1 Perpetual Sukuk, which diversifies its funding sources and strengthens its regulatory capital basis. It reflects the Bank’s ongoing involvement with the capital markets and builds upon its first senior Sukuk issuance last year.
The orderbook peaked at almost $500 million, excluding Joint Lead Manager interest, indicating a roughly 1.7x oversubscription due to the transaction’s robust investor demand. Geographically, investors from the MENA region received 89% of the Additional Tier 1 Perpetual Sukuk, while foreign investors from the UK, Europe, and Asia received the remaining 11%.
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), joined Mustafa Al Khalfawi, CEO of Ajman Bank, in ringing the market-opening bell at Nasdaq Dubai to commemorate the listing.
The ongoing demand for Sukuk reflects their important role in supporting the capital requirements of financial institutions across the region,” stated Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Ajman Bank’s first Additional Tier 1 Perpetual Sukuk listing strengthens Nasdaq Dubai’s function of giving issuers access to a wide range of regional and global investors.
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