Riyadh – Mubasher: Arab National Bank (ANB) has begun issuing US dollar-denominated Tier 2 capital Sukuk by way of an offer to eligible investors in Saudi Arabia and internationally.
The offering start date is 21 October 2020 and the end date is 22 October 2020, according to a bourse filing on Wednesday.
The issue targets institutional investors, qualified investors in the jurisdiction in which the offering will be made in accordance with the rules and regulations of such jurisdictions.
The minimum subscription amount is $200,000 and integral multiples of $1,000 in excess thereof. Both of the Sukuk listing price and return will be subject to market conditions.
The par value is $200,000. Moreover, the Sukuk will mature after 10 years, callable after five years from the issue date, and will be listed on the Regulated Market of the London Stock Exchange.
On 19 October, ANB mandated HSBC Bank plc and J.P. Morgan Securities plc as joint lead managers and bookrunners and, together with Arab National Investment Company (ANB Invest), as joint lead manager.