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NCB starts issuing USD-denominated Additional Tier 1 Sukuk

NCB starts issuing USD-denominated Additional Tier 1 Sukuk
Each of the minimum subscription value and Sukuk par value amounts to $200,000.
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Riyadh – Mubasher: The National Commercial Bank (NCB) started issuing US dollar-denominated Additional Tier 1 Sukuk on Wednesday.

The number and value of any Sukuk to be offered will be determined based on market conditions, according to a stock exchange filing.

The offering end date is 26 January 2021. Each of the minimum subscription value and Sukuk par value amounts to $200,000, while the Sukuk offer price will be subject to market conditions.

On 17 January, NCB said NCB Tier 1 Sukuk Limited, an exempted company with limited liability in the Cayman Islands, intends to issue US dollar-denominated Additional Tier 1 Sukuk.

The lender mandated Citigroup Global Markets Limited, Emirates NBD Capital, Goldman Sachs International, J.P. Morgan Securities plc, MUFG Securities EMEA plc, NCB Capital Company, and Standard Chartered Bank as Joint Lead Managers and Bookrunners for the offer.