Riyadh – Mubasher: Bank Aljazira announced that BAJ Sukuk Tier 1 Limited intends to issue USD-denominated Tier 1 capital certificates at a total amount not exceeding $500 million through a private placement.

The Sukuk can be redeemed after five years from the date of issuance, according to a bourse filing on Sunday.

Bank Aljazira mandated Alinma Investment, AlJazira Capital, and J.P. Morgan Securities as the joint lead managers and bookrunners for this offering.

The financial institution said the exact value and terms of the issuance will be later determined subject to the market conditions.

It is worth noting that Bank Aljazira’s assets have increased to SAR 2.77 trillion in 2020.