NCB branch

The National Commercial Bank (NCB) announced the start of issuance of NCB Tier 1 Sukuk Ltd., an exempted company with limited liability in the Cayman Islands, from today, Jan. 20, until Jan. 26.

 

The number and value of sukuk to be offered will be determined based on market conditions, the company said in a bourse statement.

 

Issuance Details

Issuance Type

Additional Tier 1 dollar-denominated sukuk

Issuance Value

To be determined based on market conditions.

Start Date

Jan. 20, 2021

End Date

Jan. 26, 2021

Target Class

Sophisticated investors as per Article 9 of the Rules on the Offer of Securities and Continuing Obligations.

Issuance Lead Managers

Citigroup Global Markets Ltd, Emirates NBD Capital, Goldman Sachs International, J.P. Morgan Securities plc, MUFG Securities EMEA plc, NCB Capital Co., and Standard Chartered Bank are mandated as joint lead managers and bookrunners for the offer.

Minimum Subscription Value

$200,000

Offer Price (Sukuk/Bonds)

Subject to market conditions

Par Value

$200,000

Return (Sukuk/Bonds)

Subject to market conditions

Maturity period (Sukuk/Bonds)

Perpetual (without due date)

Terms of Redemption

The sukuk may be redeemed early due to a capital event, tax event or at the option of the bank as described in the terms and conditions of the sukuk.

 

The bank indicated that any sukuk issuance will be limited to qualified investors in the jurisdictions, in which the sukuk will be offered in accordance with the applicable rules and regulations.

 

According to data compiled by Argaam, NCB recently announced the intention of NCB Tier 1 Sukuk Ltd., an exempted company with limited liability in the Cayman Islands, to issue US dollar-denominated additional Tier-1 sukuk.

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