Logo of Bank Aljazira

Bank Aljazira completed the issuance of $500 million Tier I capital certificates, through BAJ Sukuk Tier 1 Ltd.

 

The sukuk will be settled today, June 29, the bank said in a bourse filing.

 

Trust certificate (sukuk)

Offer Type

Tier I Capital Certificates denominated in US dollars

Offer Value

$500 mln

Number of Sukuk

2,500

Start Date

June 24, 2021

End Date

June 29, 2021

Par Value

$200,000

Maturity

Perpetual, with some redemption rights subject to the terms and conditions of the certificates

Terms of Redemption

The certificates are perpetual securities and accordingly do not have a fixed or final redemption date. However, they 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 certificates

Issuance Managers

Alinma Investment, AlJazira Capital and J.P. Morgan Securities as joint lead managers and bookrunners
 

The bank recently announced that BAJ Sukuk Tier 1 Ltd, a special purpose vehicle (SPV) incorporated in the Cayman Islands, is set to issue Tier I capital certificates at not more than $500 million, Argaam reported.

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