Bank Aljazira Announces Offer Commencement of Tier 2 Sukuk in SAR

Bank Al Jazira announced on Sunday its intention to issue Tier 2 sukuk on Sunday denominated in Saudi Riyals (SR) for up to two billion Saudi Riyals (SR2,000,000,000) on the website of the Saudi Stock Exchange (Tadawul) on 04.11.2021G

“The Bank indicated that the total value of the offering will not exceed two billion Saudi riyals (SAR2,000,000,000), and the number and value of the sukuk will be determined based on market conditions” it said.

The Bank also indicated that offering start date is on Sunday 21.11.2021, while the offering end date will be on 31.12.2021.

The Bank stated that the targeted class of the issuance is the sophisticated investors in accordance with the provisions of Article 9 of the Rules for the Offer of Securities and Continuing Obligations.

The Bank has appointed out that AlJazira Capital and HSBC Saudi Arabia as the joint lead managers and book runners for the offer.

The minimum subscription amount is one million Saudi riyals (SR1,000,000), while the offer price (sukuk /bond) is determined according to market conditions.

The par value is one million Saudi riyals (SR1,000,000), while the return (sukuk /bonds) is determined according to market conditions.

The Bank noted that the maturity period of the (sukuk / bond) is ten (10) years callable by the Bank after five (5) years from the date of issuance, and the sukuk are redeemed on their maturity date, and early redemption of sukuk may be redeemed prior to the maturity date in certain cases due to a capital event, a tax event, an event of default, or an issuer call option, each pursuant to terms and conditions of the Sukuk.

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The Bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.