Bank Aljazira Plans SAR-Denominated Tier 1 Sukuk Issuance

Bank Aljazira has announced its intention to issue Additional Tier 1 Sukuk under its SAR 5 billion ($1.33 billion) Sukuk Issuance Programme through a private placement in Saudi Arabia, the bank said in a statement on Wednesday.

The bank has appointed Aljazira Capital, Al Rajhi Capital, and HSBC Saudi Arabia as Joint Lead Managers and Dealers for the issuance, which is aimed at bolstering its capital base to support its financial and strategic objectives.

The value and terms of the Sukuk issuance will be determined based on prevailing market conditions, it said.

The issuance is subject to regulatory approvals and will be conducted in compliance with applicable laws and regulations. The bank emphasized that the announcement does not constitute an invitation or offer to purchase or subscribe to any securities.

Bank Aljazira pledged to disclose any material developments in accordance with legal and regulatory requirements.