AlRayan Bank mandates $500mln five-year sukuk
By Staff Writer
AlRayan Bank, Qatar’s second largest Islamic bank, rated A2 (stable) by Moody’s and A/ negative by Fitch, has mandated banks for a benchmark Regulation S-only $500 million fixed rate 5-year senior unsecured sukuk issue, with no-grow.
The bank has mandated Mizuho as Global Coordinator and Al Rayan Investment, Bank ABC, Crédit Agricole Corporate and Investment Bank, Doha Bank, Emirates NBD Capital, HSBC, KFH Capital, KIB Invest, Mashreq, Qatar International Islamic Bank, Sharjah Islamic Bank, SMBC, Société Générale and Warba Bank as Joint Lead Managers and Bookrunners.
A series of fixed income investor calls and a pre-recorded investor call will commence today.
The proposed sukuk will be issued under MAR Finance LLC's existing $4 billion Trust Certificate Issuance Programme, subject to market conditions.
MAR Finance LLC will serve as the issuing vehicle while AlRayan Bank will act as obligor.
The offering is targeted at professional investors and eligible counterparties in the UK and European Union.
FCA and ICMA stabilisation rules will apply.
(Writing by Seban Scaria; editing by Daniel Luiz)