News Details

National Commercial Bank Announces the Start of Issuing Additional Tier 1 Sukuk denominated in US Dollar.

25/02/2021 04:05 PM

Tadawul
ELEMENT LIST EXPLANATION
Introduction Reference to the announcement from The National Commercial Bank (the “Bank”) published on the website of the Saudi Stock Exchange (Tadawul) on 04/06/1442H corresponding to 17/01/2021G, relating to the intention to issue Additional Tier 1 Sukuk (the “Sukuk”) by NCB Tier 1 Sukuk Limited subject to market conditions. The Bank would like to announce the commencement of the issuance of the Sukuk.
Offer Type Additional Tier 1 Sukuk denominated in US Dollar.
Value of the offer The number and value of any Sukuk to be offered will be determined based on market conditions.
Offering start Date 2021-01-20 Corresponding to 1442-06-07
Offering end Date 2021-01-26 Corresponding to 1442-06-13
The targeted class of the issuance Sophisticated investors as such term is defined in Article (9) of the Rules on the Offer of Securities and Continuing Obligations.
Name of Issuance Manager The Bank has 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.
Minimum Subscription USD 200,000
Offer Price (Sukuk /Bonds) Subject to market conditions.
Par Value USD 200,000
Return (Sukuk /Bonds) It is subject to market conditions.
Maturity (Sukuk /Bonds) Perpetual
Terms of Redemption The Sukuk may be redeemed early due to a capital event, tax event or at the option of the Bank as described in the terms and conditions of the Sukuk.
Additional Information This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. The Bank will announce any other relevant material developments to its shareholders in due course. It should also be noted that any offering of the Sukuk will be limited to qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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