White & Case: Al Rajhi Bank issues SAR 6.5 bn additional Tier 1 capital sukuk

Al Rajhi Banking and Investment Corporation has successfully completed the issuance of SAR 6,500,000,000 3.5% fixed rate resettable additional tier 1 capital sukuk.

Al Rajhi Capital Company acted as sole lead manager and bookrunner on the transaction.

The issuance is the largest in size by a financial institution in the Kingdom and attracted high demand with more than 600 investors in the order book. The issuance attracted a diversified pool of investors, including qualified individual investors, which constituted 38 percent of the total order book.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London, pictured) and included partner Megren M. Al-Shaalan (Riyadh), counsel Xuan Jin (Hong Kong & Dubai), local partner Greg Pospodinis (Dubai) and associates Marcin Zawadzki, Eren Ayanlar, Ghislaino Kamdo (all Dubai), Waad Alkurini and Nezar Al Abbas (Riyadh).