NCB plans to issue dollar-denominated sukuk

NCB plans to issue dollar-denominated sukuk
NCB plans to issue dollar-denominated sukuk

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Jeddah - Yasmine El Tohamy - National Commercial Bank (NCB) announced the intention of NCB Tier 1 Sukuk Ltd., an exempted company with limited liability in the Cayman Islands, to issue US dollar-denominated additional Tier-1 sukuk, the bank said in a statement to Tadawul today, Jan. 17.

NCB mandated Citigroup Global Markets Ltd., Emirates NBD Capital, Goldman Sachs International, J.P. Morgan Securities, MUFG Securities (EMEA), NCB Capital and Standard Chartered Bank as joint lead managers and bookrunners for the potential offer.

The potential offer aims to enhance the bank's Tier-1 capital, and in addition it will be used for general corporate purposes.

The number and value of any sukuk to be offered will be determined based on market conditions, the statement said.

The potential offer will be subject to approvals from the relevant regulatory authorities and will be made in accordance with the applicable laws and regulations.

Offering of the sukuk will be limited to qualified investors, the bank said, adding that any material developments will be announced in due course.

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