Riyadh – Mubasher: Arab National Bank (ANB) announced it has completed offering US dollar-denominated Tier 2 capital Sukuk worth $750 million.

The settlement of the Sukuk issue will take place on 28 October 2020, the bank said to the Saudi Stock Exchange (Tadawul) of Thursday.

A total of 3,750 Sukuk were issued based on the minimum denomination and total issue size.

The Sukuk has a 3.326% annual fixed return rate payable semi-annually. The Sukuk will mature on 28 October 2030, callable on 28 October 2025.

Previously, 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.