The two Tier 1 capital sukuk issued by the Saudi-based The National Commercial Bank, (NCB) are considered to have “intermediate equity content” as they meet certain criteria, Standard & Poor's Ratings Services said in a note on Tuesday.

 

Over the last two months, Saudi Arabia’s largest bank issued two subordinated Tier I capital sukuk of SAR 2 billion and SAR 1 billion through private placement.

 

The subordinated Tier I sukuk has no fixed redemption date, but can be repaid on a predefined date.

 

According to S&P, “intermediate equity content” means that it would treat 50 percent of the principal amount of the notes as equity and the other 50 percent as debt in calculation of financial ratios.

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