White & Case advises Al Rajhi Capital on Al Rajhi Bank's SAR 6.5 billion additional Tier 1 capital sukuk issuance

Global law firm White & Case LLP has advised Al Rajhi Capital Company, as sole lead manager and bookrunner, on the issuance of SAR 6,500,000,000 3.5% fixed rate resettable additional tier 1 capital sukuk by Al Rajhi Banking and Investment Corporation in the Kingdom of Saudi Arabia.

"We have advised the underwriter on this significant debut transaction and continue to demonstrate the experience and capabilities of our Saudi capital markets practice," said White & Case partner Debashis Dey, who led the Firm's deal team.

The transaction is the largest issuance size by a financial institution in the Kingdom (with the SAR equivalent of US$1.73 billion) and attracted record 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. 

It is the first of its kind in Al Rahji Bank's history, opening the fixed income markets to the bank as well as being the its first regulatory capital transaction. Issue proceeds will be used to enhance Al Rajhi Bank's tier 1 capital as well as for general corporate purposes.

The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) 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).

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