New Issue Commentary — Boubyan Tier 1 Sukuk III Limited
Dealer commentary on this issuer’s latest new issue, summarised.
Boubyan Tier 1 Sukuk III Limited is the issuer of a single proposed Regulation S, USDdenominated, unrated noncall 5.5year fixed rate resettable AT1 certificate offering, announced on 11 November 2026 with HSBC and Standard Chartered as Joint Global Coordinators. The offering is described as one that "may follow, subject to market conditions," and the coverage reviewed contains no coupon, size, IPT, pricing, orderbook or allocation details. Investor engagement is limited to a prerecorded global investor call and a series of 1x1/smallgroup virtual calls on Wednesday 11 November 2026, with four scheduled slots. Because no pricing or demand data has been disclosed, the market color is limited to the premarketing stage.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| USD Benchmark Reg S Perpetual NC5.5Y AT1 Sukuk (Fixed Rate Resettable Additional Tier 1 Capital Certificates) | 5.5 years non-call | USD | Additional Tier 1 (AT1) | Perpetual |