ASB Capital Strengthens Saudi Arabia Capital Markets Activity

ASB Capital, a purpose-driven asset and wealth management firm with assets under management (AUM) of USD 9.1 billion, acted as Joint Lead Manager and Bookrunner on Alinma Bank’s latest USD 500 million Sustainable Additional Tier 1 (AT1) Sukuk issuance, alongside leading regional and international financial institutions, including Citigroup, Goldman Sachs, JP Morgan, and Standard Chartered.

The perpetual Sukuk, callable after 5.5 years, carries an annual profit rate of 6.625% and will be listed on the International Securities Market of the London Stock Exchange. The transaction attracted strong investor demand and was more than three times oversubscribed, reflecting strong demand from a broad range of regional and international investors and cementing ASB Capital’s role across debt capital markets in Saudi Arabia and the wider region.

Since its establishment, ASB Capital has built a growing track record across regional capital markets. Recent mandates include several landmark Sukuk and capital raising transactions including Kuwait Finance House’s USD 850 million Additional Tier 1 Sukuk, Kuwait International Bank’s USD 300 million Sustainable Tier 2 Sukuk, Bapco Energies’ USD 1 billion Sukuk issuance, Al Salam Bank’s USD 450 million Additional Tier 1 Sukuk, Solidarity Bahrain’s USD 114 million Tier 2 capital issuance, and Alinma Bank’s previous USD 500mn Tier 2 Sukuk issuance in 2025.

Beyond debt capital markets, ASB Capital has continued to broaden its investment banking capabilities through strategic advisory mandates, including advising Al Salam Bank on the sale of its stakes in Seef Properties (Bahrain) and Gulf African Bank (Kenya).

Hichem Djouhri, Senior Executive Officer at ASB Capital said: “This repeat mandate from Alinma Bank reflects the confidence leading regional institutions place in ASB Capital’s capital market capabilities. Securing a role on a deal of this scale, alongside major regional and international banks, reflects the depth of our relationships and the trust our counterparts place in us. We are proud to have contributed to a successful outcome for Alinma Bank and its investors.”

He added, “The depth of the orderbook also demonstrates sustained regional and international appetite for well-structured Sukuk instruments. As GCC issuers continue to optimize capital structures and diversify funding sources, ASB Capital remains focused on connecting them with capital and delivering high-quality execution.”

Hussain Abdulhaq, Chief Treasury Officer of Al Salam Bank, said: “This transaction is another example of the strong regained momentum seen across regional debt capital markets. The level of investor participation highlights continued confidence in GCC financial institutions and the attractiveness of Sukuk issuances as part of diversified funding strategies. Our participation in landmark regional issuances reflects the Group’s ability to combine issuer relationships, market expertise, balance sheet strength, and investor connectivity”

ASB Capital’s Capital Investment Banking platform provides capital markets strategic advisory solutions to financial institutions, corporates and other entities across the region. The firm combines deep regional market knowledge with investor connectivity to support clients across origination, structuring, execution, and distribution.