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National Commercial Bank Announces the Completion of Issuing Additional Tier 1 Sukuk Denominated in US Dollar

Element ListExplanation
Offer Type Additional Tier 1 Sukuk denominated in US Dollar
Introduction Reference to the announcement from The National Commercial Bank (the “Bank”), published on the website of the Saudi Stock Exchange (Tadawul) on 07/06/1442H, corresponding to 20/01/2021G, relating to the commencement of the offer of Additional Tier 1 Sukuk denominated in US Dollar (the “Sukuk”). The Bank would like to announce that it has now completed the offering of the Sukuk and the settlement of the Sukuk will be on 13/06/1442H corresponding to 26/01/2021G.
Offer Type Additional Tier 1 Sukuk denominated in US Dollar
Value of the offer USD 1,250,000,000.00
Total number of (Bonds/Sukuk) 6,250 (based on the minimum denomination and total issue size)
Par Value (Bonds/Sukuk) USD 200,000
Return (Bonds/Sukuk) 3.50% per annum from (and including) the issue date up to (but excluding) 26 January 2027. The rate of return will then be reset on 26 January 2027 .and every six years thereafter
Maturity (Bonds/Sukuk) 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 The Bank 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.

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. It should also be noted that any offering of the Sukuk is limited to qualified investors in the jurisdictions in which the offering is 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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