Arab National Bank launches dollar-denominated Tier 1 sukuk offering

Arab National Bank has announced the launch of its US dollar-denominated additional Tier 1 sukuk offering under its international sukuk issuance program. The subscription period will run from September 2 to 3, with the final value and terms to be determined based on market conditions.

In a statement on Tadawul Saudi Arabia, the bank said it has appointed ANB Capital, Arab Bank, Arqaam Capital Limited, ISB Capital Limited, Citigroup Global Markets Limited, Goldman Sachs International, HSBC Bank plc, Mizuho International plc, Standard Chartered Bank, and Warba Bank K.S.C.P. as joint lead managers and bookrunners. The minimum subscription is set at $200,000, with increments of $1,000.

According to Tadawul, the sukuk may be redeemed under certain conditions as detailed in the base prospectus for the offering.

Tadawul Saudi Arabia noted, as per the statement, that this announcement does not constitute an invitation or offer to purchase, acquire, or subscribe to any securities, and is subject to the terms and conditions of the sukuk. The bank will announce any further material developments in accordance with relevant regulations.

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