Dubai-UAE: 29 May, 2016 – Noor Bank has successfully priced its debut perpetual US$ 500 million Tier 1 capital issuance. 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. This was the first perpetual Tier 1 issuance from UAE in 2016.
The final pricing came at the back of global roadshows across Middle East, Asia and Europe with an order book crossing over USD 1Bn.
Speaking about the Sukuk issuance, Hussain Al Qemzi, CEO, Noor Bank, said: “We are very pleased with the outcome of our inaugural Tier 1 issuance, which has again enabled us to set an industry benchmark by printing the lowest priced contingent Basel 3 compliant Tier 1 paper in Dubai. Our senior Sukuk issued last year continues to remain one of the lowest priced FI Sukuk in UAE till date.
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.”
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.
Noor Bank made its foray in the international markets in April 2015 after successfully pricing its inaugural five-year US$ 500 million Sukuk in 2015.