ASB Capital Appoints Joint Chief Executive Officer and Registrar for National Arab Bank Sukuk Issuance
ASB Capital, an asset and wealth management firm with $10.2 billion in assets under management, announced the appointment of a joint bookrunner and subscription manager for the National Bank of Kuwait’s (NBK) issuance of $750 million in additional Tier 1 perpetual sukuk.
The issuance attracted strong investor demand, with subscription orders exceeding $3 billion, more than four times the size of the offering. The callable perpetual sukuk, which can be redeemed after five years, were priced at a yield of 6.50% and listed on the International Securities Market of the London Stock Exchange.
ASB Capital participated in the issuance as part of a consortium comprising leading regional and international financial institutions, including Citigroup Global Markets, Goldman Sachs International, HSBC, Mizuho International, Standard Chartered, ANB Capital, Al Arabi Bank, Arqaam Capital, and Bank AlJazira.
This mandate marks ASB Capital’s first participation in an NBK issuance, expanding the firm’s network of relationships in the Saudi Arabian banking sector.
Commenting on the issuance, Hussein Abdulhaq, Chief Treasury Officer at Al Salam Bank, said: “This mandate from NBK underscores the strength of the investment banking platform we are building across the group. Our participation alongside leading global and regional institutions in an issuance by a Saudi bank in the capital markets demonstrates the progress achieved by our strategy, and aligns with our objective to increase the group’s fixed-income instrument portfolio.”
Hisham Johari, Chief Executive Officer of ASB Capital, added: “We are pleased to support NBK in our first joint mandate. This issuance helps expand our relationships in the Saudi banking sector and reflects the confidence issuers place in our execution and distribution capabilities. We will continue to focus on connecting regional institutions with a broad base of investors and supporting their capital management objectives.”
ASB Capital has participated in several capital markets transactions across the Gulf Cooperation Council (GCC) countries, including issuances for Kuwait Finance House, International Bank of Kuwait, Babcock & Brown Energy (Babcock Energies), Solidarite Bahrain, Al Salam Bank, Alinma Bank, Dubai Islamic Bank, AlJazira Bank, Ajman Bank, and the Saudi Real Estate Refinancing Company. The company continues to expand its activities in capital markets and investment banking, alongside its broader platform for asset management and advisory services.
