Riyadh – Mubasher: The National Commercial Bank (NCB) has unveiled its intentions to early-redeem its SAR 5 billion ($1.33 billion) Tier 2 Sukuk on 25 February 2019 at face value.
The sukuk, qualifying as Tier 2 subordinated debt in accordance with the Basel III framework, were offered through private placement on 25 February 2014 for SAR 5 billion, according to a bourse statement released on Thursday.
"The NCB intends to redeem the Sukuk at the contractual call date of 25 February 2019, where the face value of the Sukuk and any periodic (profit) distribution amount payable will be transferred to Sukukholders at this date, based on their respective holdings as of 14th February 2019.”
The sukuk’s original maturity date was 25 February 2024.
