National Commercial Bank Aims to Redeem Its SAR 2.7 Billion Tier 1 Sukuk

Saudi Arabia based, National Commercial Bank (NCB) is planning the redemption of its Tier 1 Sukuk, worth SAR 2.7 billion, on the 23rd of March, 2021. According to a statement issued on Tadawul, the Sukuk is to be redeemed at face value.

Why it matters?

NCB opted to redeem the Sukuk, at the contractual first call date on the 23rd of March, 2021, with the face value of the Sukuk and any periodic profit distribution amount payable (for the period ending the 23rd of March, 2021) to be transferred to Sukukholders on that date, in accordance with their respective holdings as of the 8th of March, 2021. The required regulatory approvals have already been obtained according to the statement.

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