Arab National Bank (ANB) commenced the issuance of the second tranche of US dollar-denominated Tier 2 sukuk, subject to market conditions, the bank said in a bourse filing today, Oct. 21.

The bank said the target group for the issuance is institutional investors (qualified investors in the jurisdiction where the offering will be made, in accordance with rules and regulations of the jurisdictions).

 

Sukuk Details

Issuance type

US dollar-denominated Tier 2 capital sukuk

Issuance amount

Subject to market conditions

Start date

Oct. 21, 2020

Closing date

Oct. 22, 2020

Target group

Institutional investors (qualified investors in the jurisdiction where the offering will be made, in accordance with rules and regulations of the jurisdictions)

Minimum subscription

$200,000 and integral multiples of $1,000 in excess thereof

Listing price

Subject to market conditions

Par value

$200,000

Return

Subject to market conditions

Maturity

10 years, callable after five years of the issue date

Terms of redemption

May be redeemed early due to a capital disqualification event, tax reasons, or after five year since the issue date; subject to the terms and conditions of the sukuk

Underwriter

HSBC Bank and JP Morgan Securities as joint lead managers and bookrunners; along with Arab National Investment Co. as joint lead manager

 

The sukuk will be listed on the Regulated Market of the London Stock Exchange, and may be sold in reliance on Regulation S under the US Securities Act of 1933, as amended, the statement said.

 

The issue end date mentioned above is the expected date of the end of the offering, subject to market conditions.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request