Al hilal bank (A1/NR/A+) on Tuesday priced a new US$500m 5.5% perpetual non-call five Additional Tier 1 sukuk, a deal notable for being the first Basel Ⅲ compliant note in the UAE and because of the low profit rate. The note priced at par to yield 5.50%, one of the lowest-ever yields on a Tier 1 transaction, according to one of the lead bankers. "It's certainly the tightest Tier 1 transaction to be priced in EMEA," said Souhail Mahjour, a syndicate official with HSBC, a bookrunner along with Al Hilal, Citigroup, Emirates NBD Capital, National Bank of Abu Dhabi and Standard Chartered. Pricing was well inside the initial profit thoughts of 6% area first set on Monday morning. At that level, the note was offering a 55bp pick-up over Abu Dhabi Islamic Bank's 6.125% perpetual non-call five transaction - which was trading at a yield-to-call of 5.45% - without accounting for the difference in call dates. ADIB's sukuk can be called in November 2018, eight months before Al Hilal.
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机译：Al hilal银行（A1 / NR / A +）周二对新发行5亿美元的5.5％永久非赎回5级附加一级回教债券定价，该交易以阿联酋第一笔符合巴塞尔Ⅲ级的票据而著称，并且由于利润低率。一位主要银行家表示，该票据的定价为票面收益率5.50％，是一级交易中有史以来最低收益率之一。汇丰（HSBC）的银团官员Souhail Mahjour表示，“这肯定是在欧洲，中东和非洲定价最紧的一级交易。”帐簿管理人与艾拉·希拉尔，花旗集团，阿联酋NBD资本，阿布扎比国家银行和渣打银行一起。定价完全在周一上午首次设定的6％的初始获利范围内。在这个水平上，该票据较阿布扎比伊斯兰银行的6.125％永久非赎回5交易提供了55个基点的回购-该交易的赎回收益率为5.45％-但未计入赎回日期的差异。 ADIB的回教债券可在2018年11月被称为Al Hilal的八个月前。
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