Arab National Bank intends to issue capital bonds amounting to 11.25 billion riyals

Arab National Bank intends to issue additional Tier 1 capital sukuk denominated in Saudi riyals through a private placement within the Kingdom of Saudi Arabia under its program for additional Tier 1 capital sukuks worth 11.250 billion riyals.
According to the bank’s statement on Tadawul Saudi Arabia, the bank appointed HSBC Saudi Arabia and Al Arabi Capital as offering managers in relation to the potential offering.
The bank noted that the value and conditions for offering the sukuks would be determined at a later stage based on market conditions at that time.
He added that the aim of the offering is to strengthen the bank’s capital base and for the company’s general purposes.
The potential offering is subject to the approval of the relevant regulatory authorities and will be in accordance with the relevant laws and regulations.