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Bank AlJazira kicked off a SAR-denominated additional tier 1 sukuk issuance, as part of its broader SAR 5 bn shariah-compliant debt scheme, according to a filing to Tadawul. The return on the sukuk and its final value are yet to be determined, and will be based on prevailing market conditions, with proceeds earmarked for supporting the bank’s capital base and growth plans, according to a previous disclosure to the exchange.
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The details: Institutional and qualified investors will have until Wednesday, 8 January to subscribe to the offering, with the minimum subscription limit set at SAR 1 mn. Offered through private placement, the sukuk will carry a par value of SAR 1 mn and is perpetual in nature, meaning it has no fixed maturity date. It may be redeemed on a call date or under specific circumstances outlined in the terms and conditions.
ADVISORS- Our friends at HSBC Saudi Arabia, Aljazira Capital, and Al Rajhi Capital are serving as joint lead managers for this issuance.
