National Commercial Bank Commences Issuance of USD-Denominated Additional Tier 1 Sukuk

Saudi lender National Commercial Bank (NCB, also known as AlAhli Bank) has commenced the issuance of USD-denominated Additional Tier 1 Sukuk, according to a Tadawul filing dated 20th of January 2021.

The Tier 1 Sukuk issuance has a perpetual maturity and will be offered from the 20th of January 2021 to the 26th of January 2021. Targeting sophisticated investors, the number and value of any Sukuk offered will be determined according to market conditions. The offer price and returns are subject to market conditions, with both minimum subscription value and Sukuk par value amounting to USD 200,000 each, as stated in the Tadawul filing.

According to local media reports, NCB has tightened the price guidance for the Tier 1 Sukuk by 37.5 basis points to around 3.75%. NCB is...