Noor Bank issues $500m sukuk

30/05/2016 05:07 AST

Noor Bank has successfully priced its debut perpetual $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 $1 billion.

Speaking about the Sukuk issuance, Hussain Al Qemzi, CEO of Noor Bank, said: “We are 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.


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