Ajman Bank priced a USD 500 mn senior unsecured sukuk, attracting orders exceeding USD 2.7 bn, according to a press release. The issuance carries a profit rate of 5.125% and a spread of 130 basis points over five-year US Treasuries, tightened from initial price thoughts of 165 bps. The sukuk was launched just one day after the bank mandated its syndicate of arrangers.

The issuance falls under the lender’s USD 1.5 bn Trust Certificate Issuance Program and matures in 2030, according to a separate press release. It will be listed on Nasdaq Dubai and the London Stock Exchange.

The issuance makes Ajman Bank the second Emirati lender to test investor appetite since tariff-driven volatility rattled global markets earlier this month. Our friends at Mashreq were the first, recently closing a USD 500 mn sukuk sale, booking USD 2.9 bn in orders.

REMEMBER- The UAE has emerged as the world’s top-performing sukuk market since Trump’s return to the White House, outpacing even the US, as investors look towards EMs with strong fundamentals for tariff-safe assets.

ADVISORS- Our friends at Mashreq, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, KFH Capital, QNB Capital, Sharjah Islamic Bank, Warba Bank, and Citi acted as joint lead managers and bookrunners. Meanwhile, Emirates NBD Capital, Standard Chartered Bank, First Abu Dhabi Bank, and JP Morgan acted as joint global coordinators.

OTHER DEBT NEWS-

Sharjah Bank approved the issuance of additional Tier 1 capital securities worth up to USD 1 bn, according to an ADX disclosure (pdf). The bank’s board will determine the issuance date at a later stage, with the issuance to be completed within one year, subject to regulatory approvals. The bank also approved the renewal of its EUR 2.5 bn Euro Medium Term Note (EMTN) program, with plans to issue bonds under the program within one year, pending necessary approvals.

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