Ajman Bank’s debut $500 million five-year sukuk has been launched the day after the lender mandated banks for the deal, making it the second UAE bank to fly through issuing since US trade tariff volatility.

The bank rated BBB+ by Fitch, outlook stable, launched the sukuk on Wednesday having mandated banks on Tuesday, with initial price thoughts of T+165 bps.

But the spread settled at 5Y UST + 130bps, with books over $2.7 billion and aprofit rate of 5.125%.

The Reg S, senior, unsecured sukuk is to list on London Stock Exchange’s International Securities Market and Nasdaq Dubai.

The bank is the second to race through the issuing process following Dubai-listed Mashreqbank, which saw its largest ever order book for its $500 mln sukuk last week.

Emirates NBD Capital, FAB J.P. Morgan and Standard Chartered Bank were joint global coordinators, with ADCB, ADIB, Citi, DIB, KFH Capital, Mashreq, QNB Capital, Sharjah Islamic Bank, ICD, Warba Bank, together, as joint lead managers and joint bookrunners.