National Commercial Bank (NCB) completed the issuance of SAR 4.2 billion worth of SAR denominated additional Tier 1 sukuk at a par value of SAR 1 million through private placement, with settlement on June 30, 2020, the lender said in a bourse filing on Tuesday.
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Sukuk Details |
|
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Issuance size |
SAR 4.2 bln |
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Total number of sukuk |
4,200 (Based on the minimum denomination and total issue size) |
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Par value |
SAR 1 mln |
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Return |
4.25% per annum |
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Maturity |
Perpetual |
The bank issued 4,200 Islamic bonds bearing a return of 4.25%.
The sukuk are perpetual securities with no fixed redemption date. However, it can be redeemed early due to a capital event, tax event or at the option of the bank in accordance with described terms and conditions of the sukuk.
NCB mandated NCB Capital as sole book runner, lead arranger and lead manager for the private placement offer.
Earlier this month, the bank announced plans for the additional Tier 1 sukuk issuance, starting from June 4, 2020 until December 31, 2020.
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