Ciaran Bohnacker
Partner
Dubai
These transactions emphasis the continued development of Saudi Arabia’s Islamic finance sector, supporting capital optimisation and funding diversification strategies through Shariah-compliant structures.
- Bank Albilad issued its inaugural US$650 million AT1 capital certificates under a newly established US$2 billion sukuk programme via BAB USD AT1 Sukuk Limited, a Cayman Islands incorporated issuer. The certificates were listed on the London Stock Exchange's ("LSE") International Securities Market.
- Alinma Bank launched its inaugural US$500 million debut AT1 issuance under a US$1 billion sukuk programme, through Alinma AT1 Sukuk Limited, also incorporated in the Cayman Islands and listed on the LSE.
- Saudi Awwal Bank issued its inaugural US$650 million AT1 capital certificates under a US$5 billion sukuk programme via SAB AT1 Limited, a Cayman Islands incorporated issuer. These certificates were likewise listed on the LSE.
Our Dubai-based team provided comprehensive Cayman Islands legal and administrative support to each program establishment and issuance, led by partner Ciaran Bohnacker, and senior associate Szymon Durlo.
Commenting on the deals, lead partner Ciaran Bohnacker said: "It’s great to have supported three of Saudi Arabia’s leading financial institutions on these landmark sukuk issuances. These transactions reflect the growing sophistication of the Kingdom’s capital markets and the continued global appetite for high-quality Shariah-compliant instruments. We’re pleased to contribute our cross-border legal and administrative expertise to help bring these complex structures to market.”
These mandates reinforce the firm's market-leading position in Islamic finance and structured capital markets, and our continued commitment to supporting financial institutions across the Middle East.
