Riyadh – Mubasher: Bank Aljazira announced the commencement of the Tier 2 Sukuk offering on 21 November, noting that it will end on 31 December.

The SAR-denominated Sukuk offering value stands at up to SAR 2 billion, while the number of notes and total value will be determined based on market conditions, the bank said in a bourse filing on Sunday.

The minimum subscription value for this issue is SAR 1 million, while the par value has been set at SAR 1 million.

Bank Aljazira has appointed AlJazira Capital and HSBC Saudi Arabia to be the joint lead managers and bookrunners for the Sukuk offering.

The Sukuk issue holds a 10-year maturity that can be redeemed by Bank Aljazira in five years from the issuance date.

Earlier in November, the bank announced its plan to issue SAR-denominated Tier 2 Sukuk through a private placement.