Bank ABC arranges US$600 m Sukuk for ALC

TDT | Manama                                             

The Daily Tribune – www.newsofbahrain.com    

With Bank ABC acting as the Sole Arranger, Structurer, and Joint Lead Manager (JLM) & Bookrunner, Air Lease Corporation (ALC) has raised $600 million through its debut Sukuk issuance.

This marks the first-ever corporate Sukuk issuance from North America. The transaction was oversubscribed by 3.5 times and was priced successfully on March 6, 2023.

The transaction was announced by Bank ABC and a group of regional and international banks on February 27, followed by a deal roadshow covering investors in the UAE, Qatar, and KSA. As a 144A/ Reg S issuance listed on the London Stock Exchange, the Sukuk was open to the global investor community.

According to Christopher Wilmot, Group Head of Treasury & Financial Markets at Bank ABC, the issuance presented an attractive Sharia-compliant investment opportunity for regional investors due to ALC's robust aviation business and solid financial position.

Greg Willis, Executive Vice President & Chief Financial Officer at Air Lease Corporation, stated that they look forward to expanding their funding footprint in the region and believe this transaction is a key step in highlighting the opportunities that exist in this market.