The borrower, rated A+ by Fitch, had completed a roadshow in Singapore, Hong Kong, the United Arab Emirates and London.
The perpetual bond is unrated. It is a Reg S sukuk, callable in June 2024. Citigroup and Standard Chartered are global coordinators, sharing the mandate with Dubai Islamic Bank, First Abu Dhabi Bank, Kamco Investment Co and KFH Capital Investment Co as bookrunners.
The leads circulated initial price thoughts of 6.25% area. The book grew rapidly, exceeding $3bn including lead manager interest, allowing the leads to set final guidance at 5.875%-6%.