A branch of Bank Aljazira
Bank Aljazira announced the start of issuance of dollar-denominated Tier I capital certificates, through BAJ Sukuk Tier 1 Ltd., from today, June 24, until June 29.
The number and value of the certificates to be offered will be determined based on market conditions, the company said in a bourse statement.
The targeted group includes sophisticated investors, in accordance with Article 9 of the Rules on the Offer of Securities and Continuing Obligations.
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Issuance Details |
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Issuance Type |
Tier I capital certificates denominated in dollars |
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Issuance Value |
Number and value will be determined based on market conditions |
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Start Date |
June 24, 2021 |
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End Date |
June 29, 2021 |
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Targeted Class |
Sophisticated investors as per Article 9 of the Rules on the Offer of Securities and Continuing Obligations. |
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Issuance Managers |
Alinma Investment, AlJazira Capital and J.P. Morgan Securities as joint lead managers and bookrunners |
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Minimum Subscription Value |
$200,000 |
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Offer Price |
Subject to market conditions |
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Par Value |
$200,000 |
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Return |
Subject to market conditions |
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Maturity period |
Perpetual, with some redemption rights subject to the terms and conditions of the certificates |
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Terms of Redemption |
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 |
The announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities, the statement said.
Bank Aljazira will announce any relevant material developments to its shareholders in due course, as required by the relevant rules and regulations.
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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