Logo of Bank Aljazira
Bank Aljazira completed the issuance of $500 million Tier I capital certificates, through BAJ Sukuk Tier 1 Ltd.
The sukuk will be settled today, June 29, the bank said in a bourse filing.
|
Trust certificate (sukuk) |
|
|
Offer Type |
Tier I Capital Certificates denominated in US dollars |
|
Offer Value |
$500 mln |
|
Number of Sukuk |
2,500 |
|
Start Date |
June 24, 2021 |
|
End Date |
June 29, 2021 |
|
Par Value |
$200,000 |
|
Maturity |
Perpetual, with some redemption rights subject to the terms and conditions of the certificates |
|
Terms of Redemption |
The 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 of the certificates |
|
Issuance Managers |
Alinma Investment, AlJazira Capital and J.P. Morgan Securities as joint lead managers and bookrunners |
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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