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NCB launches SAR-denominated Tier 1 Sukuk

NCB launches SAR-denominated Tier 1 Sukuk
The bank has set the minimum subscription at SAR 10 million
NCB
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Riyadh – Mubasher: The National Commercial Bank (NCB) announced on Thursday the commencement of its perpetual private placement offer of additional Tier 1 Sukuk, subject to market conditions.

The issuance target group of the SAR-denominated Sukuk are sophisticated investors as defined in the rules on the offer of securities and continuing obligations, according to a statement to the Saudi Stock Exchange (Tadawul).

The bank has set the minimum subscription at SAR 10 million, with a par value of SAR 1 million.

Furthermore, the Bank has mandated NCB Capital as the sole bookrunner, lead arranger, and lead manager for the offering.

The offering was originally announced at the beginning of June.