Mizuho International plc (48CF) has published a pre-stabilisation period announcement dated 12 November 2026, confirming its role as Stabilisation Coordinator for a securities offering by MAR Finance LLC, the issuing entity connected to AlRayan Bank (Q.P.S.C.). The offer relates to USD 500 million in senior unsecured, Regulation S securities, with a stabilisation period expected to run until 19 December 2026. A syndicate of 14 financial institutions, spanning Islamic and conventional banks across the Gulf and Europe, has been named as Stabilisation Managers alongside Mizuho International plc.

Key Points

  • Mizuho International plc (48CF) is acting as Stabilisation Coordinator for the MAR Finance LLC bond offer
  • MAR Finance LLC is offering USD 500 million in senior unsecured, RegS securities linked to AlRayan Bank (Q.P.S.C.)
  • The stabilisation period is expected to begin 12 November 2026 and end no later than 19 December 2026
  • Investors should watch whether stabilisation activity is initiated and whether the offer price is subsequently confirmed

Mizuho International plc Coordinates USD 500m MAR Finance LLC Bond Stabilisation

Mizuho International plc has formally notified the market that it is acting as Stabilisation Coordinator in connection with the MAR Finance LLC senior unsecured bond offering. The announcement, made pursuant to Commission Delegated Regulation EU/1052/2016 under the Market Abuse Regulation (EU/596/2014), sets out the legal framework under which stabilisation activity may occur. The securities are classified as senior unsecured and offered under Regulation S, meaning they are directed at investors outside the United States. The offer price has not yet been confirmed, with the announcement listing it as "to be confirmed."

Fourteen-Bank Syndicate Spans Gulf Islamic Finance and European Capital Markets

The stabilisation syndicate assembled for this transaction is notably broad, comprising 14 institutions. Alongside Mizuho International plc, the named Stabilisation Managers include Al Rayan Investment, Bank ABC, Crédit Agricole Corporate and Investment Bank, Doha Bank, Emirates NBD Capital, HSBC, KFH Capital, KIB Invest, Mashreq, Qatar International Islamic Bank, Sharjah Islamic Bank, SMBC, Société Générale, and Warba Bank. The involvement of multiple Gulf-based Islamic financial institutions alongside major European and Japanese banks reflects the cross-border and Islamic finance dimensions of the AlRayan Bank-linked transaction.

Over-Allotment Facility and Stabilisation Conditions Under MAR Finance LLC Offer

The announcement states that the Stabilisation Manager or managers may over-allot up to 5% of the aggregate nominal amount of USD 500 million in connection with this offer. Any over-allotment or stabilisation transactions would be conducted with the aim of supporting the market price of the securities during the stabilisation window, which closes no later than 19 December 2026, described as 30 days after the proposed issue date. The announcement explicitly notes that stabilisation may not necessarily occur and that any such action, if begun, may cease at any time.

Regulatory Scope and Jurisdictional Restrictions on the AlRayan Bank-Linked Securities

The securities have not been, and will not be, registered under the United States Securities Act of 1933, and no public offer will be made in the United States. Within the United Kingdom, the announcement is directed only at persons with professional investment experience or qualifying high net worth individuals under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. Within EEA member states, the offer is addressed solely to qualified investors under the Prospectus Directive framework. Investors may be watching for confirmation of the final offer price and the formal issue date.