National Commercial Bank to Offer Tier 1 USD-Denominated Sukuk; Hires Banks

Saudi lender National Commercial Bank (NCB, also known as AlAhli Bank) has announced its intention of issuing USD-denominated Additional Tier 1 Sukuk, according to a filing with the Saudi Stock Exchange (Tadawul) on the 17th of January 2021.

The Tier 1 Sukuk will be issued through NCB Tier 1 Sukuk Limited, which is an exempted company with limited liability in the Cayman Islands. The number and value of the Sukuk to be offered will be determined according to market conditions, the filing said.

NCB, which is majority owned by the Government of Saudi Arabia, has hired Citigroup Global Markets, Emirates NDB Capital, Goldman Sachs International, J.P. Morgan Securities, MUFG Securities (EMEA), NCB Capital and Standard Chartered Bank as joint lead managers and bookrunners...