A branch of Bank Aljazira

Bank Aljazira announced the start of issuance of dollar-denominated Tier I capital certificates, through BAJ Sukuk Tier 1 Ltd., from today, June 24, until June 29.

 

The number and value of the certificates to be offered will be determined based on market conditions, the company said in a bourse statement.

 

The targeted group includes sophisticated investors, in accordance with Article 9 of the Rules on the Offer of Securities and Continuing Obligations.

 

Issuance Details

Issuance Type

Tier I capital certificates denominated in dollars

Issuance Value

Number and value will be determined based on market conditions

Start Date

June 24, 2021

End Date

June 29, 2021

Targeted Class

Sophisticated investors as per Article 9 of the Rules on the Offer of Securities and Continuing Obligations.

Issuance Managers

Alinma Investment, AlJazira Capital and J.P. Morgan Securities as joint lead managers and bookrunners

Minimum Subscription Value

$200,000

Offer Price

Subject to market conditions

Par Value

$200,000

Return

Subject to market conditions

Maturity period

Perpetual, with some redemption rights subject to the terms and conditions of the certificates

Terms of Redemption

Certificates are perpetual securities and accordingly do not have a fixed or final redemption date. However, they 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

 

The announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities, the statement said.

 

Bank Aljazira will announce any relevant material developments to its shareholders in due course, as required by the relevant rules and regulations.

 

The bank recently announced that BAJ Sukuk Tier 1 Ltd, a special purpose vehicle (SPV) incorporated in the Cayman Islands, is set to issue Tier I capital certificates at not more than $500 million, Argaam reported.

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