Baker Botts advises on SAR1.464b AlJazira Bank AT1 sukuk issuance

Baker Botts LLP has advised AlJazira Capital and Al Rajhi Capital Company, as Joint Lead Managers, and HSBC Saudi Arabia, as Sukukholders’ Agent, on the issuance by AlJazira Bank of SAR 1.464 billion Additional Tier 1 Capital Sukuk.

The Sukuk was issued under AlJazira Bank’s SAR 5 billion Additional Tier 1 Capital Sukuk Programme and represents a significant bank capital issuance in the Saudi Arabian Islamic debt capital markets.

The Baker Botts team advising on the transaction was led by partners Faris Al Amoudi and Patrick Lyons, with senior associate Amy Rees in London and associate Omar Alsughaiyer in Riyadh. This transaction follows Patrick and the team’s recent Sukuk issuances across the Middle East, including more than USD9 billion of transactions.