AI Summary
Bank AlJazira completed issuing $500 mln AT 1 sukuk
Bank AlJazira completed issuing USD-denominated additional Tier 1 (AT1) sukuk under its AT1 sukuk worth $500 million, according to a statement to Tadawul.
The issuance was executed to eligible investors in Saudi Arabia and internationally under its additional AT1 sukuk issuance program valued at $1.5 billion.
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Issuance Details |
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Type |
USD-denominated AT1 sustainable sukuk |
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Offering Value |
$500 mln |
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Target Investors |
Qualified investors in Saudi Arabia and overseas |
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Total Number of Sukuk/Bonds |
2,500 (based on minimum denomination and total issue size) |
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Nominal Value |
$200,000 |
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Return |
6.5% annually |
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Maturity |
Perpetual, callable after 5 years |
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Redemption Terms |
The debt instruments may be redeemed as detailed in the offering circular |
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End Date |
Sept. 22, 2025 |
The sukuk will be listed on the International Securities Market of the London Stock Exchange plc. They may only be sold in reliance on Regulation S under the amended Securities Act of 1933.
On Sept. 15, Bank AlJazira commenced the offering of USD-denominated additional Tier 1 (AT1) sukuk under its additional AT1 sukuk issuance program, Argaam data showed.
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Bank AlJazira’s Sukuk Offerings |
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Date |
Value |
Revenue |
Program |
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$500 mln |
6.50 % |
AT1 capital sukuk worth $1.5 billion
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SAR 1 bln |
6.30 % |
Tier 1 sukuk worth SAR 5 billion
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SAR 2 bln |
6.00 % |
Tier 1 sukuk worth SAR 5 billion
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SAR 2 bln |
Six-month SAIBOR rate plus a profit margin of 155 basis points
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Tier 2 SAR-denominated sukuk
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$500 mln |
3.95 % |
Tier 1 capital sukuk USD-denominated
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|
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June 2016 |
SAR 1 bln |
At a margin of 190 basis points over the six month SAIBOR rate
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Subordinated SAR sukuk
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January 2011 |
SAR 1 bln |
-- |
Sukuk redeemed in 2016
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