Arab National Arab Bank has announced the start of offering a second tranche capital bond denominated in US dollars.
The bank said in a statement to the Saudi market (Tadawul), today, Wednesday, that the value of the offering is subject to market conditions, noting that it starts today and ends tomorrow, Thursday.
and the bank appointed (HSBC Cplc) and (GB. Morgan Securities plc); As IPO and IPO managers, in addition to Arab National Investment Company as Lead Manager.
is aimed at institutional investors (qualified investors in the countries to be offered in accordance with the regulations and rules in force in these countries).
The bank noted that the minimum subscription is $ 200,000 plus multiples of not less than $ 1,000, and the par value is $ 200,000.
He explained that the yield of the instrument is determined according to market conditions, indicating that its maturity period is 10 years, with the possibility of recovery after 5 years have passed since the date of issue.
and indicated, with regard to the conditions of eligibility for redemption, that it is permissible to redeem the Sukuk early before their maturity based on any event that affects the capital, or for tax purposes, or When 5 years have passed since the date of issuance, taking into account the terms and conditions of the sukuk.
The bank pointed out that the sukuk will be listed on the main market on the London Stock Exchange and can be sold under Regulation S of the Securities Act issued in the United States. America for the year 1933, as amended.
The bank announced the day before yesterday that it intends to issue second tranche capital instruments denominated in US dollars through offering them inside and outside the Kingdom of Saudi Arabia to qualified investors.
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