‎Bank AlJazira completes SAR 2 bln AT1 sukuk issuance

‎Bank AlJazira completes SAR 2 bln AT1 sukuk issuance

Logo of Bank AlJazira

Bank AlJazira completed the issuance of SAR 2 billion Additional Tier 1 (AT1) sukuk, to be settled on June 21, according to a statement to Tadawul. 









AT1 Sukuk Details











Issuance value







SAR 2 bln











Total number of sukuk







2,000 (based on the minimum denomination and total issue size)











Par value per sak







SAR 1 mln











Return







6% per annum payable semi-annually as of the settlement date.



The rate of return will be reset on June 21, 2028 (the first reset date). The rate of return will then be reset every five years, as set out in the final terms.











Maturity







Perpetual (The bank can redeem sukuk on a specific date or as specified in terms and conditions)







The sukuk are perpetual securities, with some redemption rights in certain cases as detailed in the offering document, the bank added.