Al-Ahly Commercial issues additional dollar bonds

The National Commercial Bank has started offering an additional Category 1 Sukuk issuance in US dollars.

According to Arabiya Net, the bank said in a statement to the Saudi Stock Exchange that the number and value of the sukuk to be offered is determined according to market conditions.

Earlier this week, the National Commercial Bank announced the intention of NCP Class 1 Sukuk Limited, an exempt and limited liability company in the Cayman Islands, to issue additional sukuk. Category 1 in USD.

The National Bank added that the offering starts on January 20, 2021, until January 26, 2021, and the minimum subscription is $ 200,000, with a par value of $ 200,000.

He explained that both the offering price and the yield of the bond are determined according to market conditions.

and on the terms of eligibility for redemption, the National Commercial Bank said that sukuk can be redeemed at an early date based on a capital event or tax event, or on the bank's option, as explained in Sukuk terms and conditions.

and the bank has appointed Citigroup Global Markets Limited, Emirates NBD, Goldman Sachs International, GBMorgan Securities plc, and MUFG Securities EMEAPLC, Al-Ahly Capital and Standard Chartered Bank as joint lead managers and lead managers for the potential offering.

and the National Commercial Bank had signed a binding merger agreement with Samba Financial Group that stipulated taking the necessary steps to implement the merger deal between them in accordance with the provisions of the Companies Law and the Merger and Acquisition Regulations issued by the Authority. Financial market.

The merger of National Commercial Bank and Samba Financial Group is expected to lead to the formation of the third largest bank in the Gulf, and the largest in Saudi Arabia.

The merger will lead to the formation of a financial institution with assets amounting to 837 billion riyals, equivalent to 223 billion US dollars, which will place the merging bank in a distinguished position capable of enhancing its contribution to Positive transformation of the banking sector in the Kingdom and contribution to achieving the Kingdom's vision 2030.