New Issue Commentary — MAR Finance LLC
Dealer commentary on this issuer’s latest new issue, summarised.
MAR Finance LLC, acting as issuer and trustee under its US$4,000,000,000 Trust Certificate Issuance Programme with AlRayan Bank as obligor, is marketing a single tranche: a US$500m fixedrate, 5year, Regulation Sonly senior unsecured Sukuk. Mizuho is Global Coordinator, supported by 16 Joint Lead Managers and Bookrunners, and a series of fixed income investor calls begins on 11 November 2026. One investor presentation lists the 1x1 and smallgroup sessions on Wednesday 10 November 2026, which conflicts with the 11 November start date in the announcement. No pricing, coupon, initial price thoughts, book size or allocation details have been disclosed, so no demand or spread color is available yet.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| US$500M (WNG) Regulation S Senior 5-Year Sukuk (Trust Certificate Issuance Programme; AlRayan Bank as obligor) | 5-year | USD | US$500m | Senior Unsecured |