‎Bank AlJazira completes SAR 1B AT1 sukuk issuance

Bank AlJaziracompleted the offering of its SAR-denominated additional Tier (AT) 1 sukuk, under the Tier 1 Issuance program worth SAR 5 billion, the bank said in a statement onTadawul.

The current offering amounted to SAR 1 billion and was settled on Jan. 15.

Sukuk Issuance Details

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Offer Type

SAR-denominated additional Tier 1 Sukuk

Offer Value

SAR 1 bln

Total No. of Sukuk

1000

Par Value

SAR 1 mln

Return

6.30% fixed annually, paid on a semi-annual basis, starting from the settlement date.

Maturity

Perpetual subject to early redemption on a call date or as otherwise specified in the terms and conditions.

Terms of Redemption

The sukuk are perpetual securities, with some redemption rights in certain cases as detailed in the offering circular in relation to the sukuk.

The lender noted that the first reset of the Sukuk yield is scheduled for Jan. 15, 2030. Subsequently, the Sukuk yield will be reset every five years from the initial reset date, as outlined in the applicable final terms.

According to data compiled byArgaam, Bank AlJazira announced recently plans to issue a SAR-denominated AT 1 sukuk through a private placement in Saudi Arabia, aligning with its SAR 5 billion Tier 1 Sukuk Issuance program.

Bank AlJaziracompleted the offering of its SAR-denominated additional Tier (AT) 1 sukuk, under the Tier 1 Issuance program worth SAR 5 billion, the bank said in a statement onTadawul.

The current offering amounted to SAR 1 billion and was settled on Jan. 15.

Sukuk Issuance Details

Offer Type

SAR-denominated additional Tier 1 Sukuk

Offer Value

SAR 1 bln

Total No. of Sukuk

1000

Par Value

SAR 1 mln

Return

6.30% fixed annually, paid on a semi-annual basis, starting from the settlement date.

Maturity

Perpetual subject to early redemption on a call date or as otherwise specified in the terms and conditions.

Terms of Redemption

The sukuk are perpetual securities, with some redemption rights in certain cases as detailed in the offering circular in relation to the sukuk.

The lender noted that the first reset of the Sukuk yield is scheduled for Jan. 15, 2030. Subsequently, the Sukuk yield will be reset every five years from the initial reset date, as outlined in the applicable final terms.

According to data compiled byArgaam, Bank AlJazira announced recently plans to issue a SAR-denominated AT 1 sukuk through a private placement in Saudi Arabia, aligning with its SAR 5 billion Tier 1 Sukuk Issuance program.