Arab National Bank Announces Plans to Issue USD-denominated Tier 2 Sukuk

Saudi Arabian Islamic lender, Arab National Bank (ANB), has announced plans to issue USD-denominated Tier 2 capital Sukuk to eligible investors in Saudi Arabia and internationally, according to a bourse statement released on the 19th of October 2020.

ANB’s board approved the Sukuk issuance and offering on the 22nd of September 2020, with the amount and terms of offer subject to market conditions. According to the bourse statement, proceeds of the Sukuk will support the lender’s capital base and fulfil its financial and strategic needs.

ANB has mandated HSBC Bank and J.P. Morgan Securities as joint lead managers and bookrunners of the Sukuk, along with Arab National Inve...