Logo of Bank AlJazira

Bank AlJazira commenced today, Nov. 21, the offer of SAR-denominated Tier 2 sukuk worth SAR 2 billion, through a private placement in Saudi Arabia, the bank said in a statement to Tadawul.

 

Sukuk Details

 

Issuance type

SAR-denominated Tier 2 sukuk

 

Amount

SAR 2 bln (The number and value of the sukuk will be determined based on market conditions).

 

Start date

Nov. 21, 2021

 

End date

Dec. 31, 2021

 

Target group

Sophisticated investors (based on Article 9 of the Rules on the Offer of Securities and Continuing Obligations)

 

Minimum subscription

SAR 1 mln

 

Offer price

It will be determined based on market conditions

 

Par value

SAR 1 mln

 

Return (sukuk/bond)

It will be determined based on market conditions

Maturity

10 years callable in the fifth year of issuance, subject to the terms and conditions of the sukuk

Redemption

To be redeemed on the maturity date

Lead managers

AlJazira Capital and HSBC Saudi Arabia were appointed as joint lead managers and bookrunners for the offer

 

The sukuk may be redeemed prior to the maturity date in certain cases, including any events that impact capital, a tax event, an event of default, or based on the issuer call option, pursuant to terms and conditions of the offer.

 

This announcement is not intended to be an invitation or offer to purchase, acquire or subscribe to any securities. The bank will announce any other relevant material developments in due course, the statement concluded.

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