Alinma Bank offers USD-denominated AT1 capital certificates

Logo of Alinma Bank

Alinma Bank commenced the offer of dollar-denominated Additional Tier 1 (AT1) capital certificates. The number and terms of the AT1 certificates will be set according to market conditions, the bank said in a statement to Tadawul.

Offer Details
Offer Type	Dollar-denominated AT1 capital certificates
Issuance Value	The number and terms will be set based on market conditions
Offer Start Date	Feb. 28, 2024
Offer End Date	Feb. 29, 2024
Target Category	Qualified investors inside and outside Saudi Arabia
Lead Managers	Abu Dhabi Islamic Bank, Alinma Investment Co., Emirates NBD, J.P. Morgan Securities plc, MUFG Securities EMEA plc. and Standard Chartered Bank as joint lead managers
Minimum Limit	$200,000, with increments of $1,000
Offer Price	Based on market conditions
Nominal Value	$200,000
Return	Based on market conditions
Maturity Period	Perpetual, callable after 5 years
Redemption Terms	The certificates may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular

This announcement does not constitute an invitation or an offer to buy, own, or subscribe to any securities. It is subject to the sukuk terms and conditions, the bank noted.

The certificates will be listed on London Stock Exchange's International Securities Market (ISM). The sale of the sukuk is permissible only in accordance with Regulation S of the US Securities Act of 1933, as amended.

The end date referred to above is the expected date for the end of the offering, subject to market conditions.

On Feb. 26, the bank announced its intention to issue USD-denominated additional Tier1 capital certificates based on its board of directors’ resolution, on Jan. 31, 2024, in which it delegated the chief executive officer with all powers and authority necessary or on behalf of the bank to issue these certificates, Argaam earlier reported.

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