Saudi Arabia’s National Commercial Bank (NCB) is looking to raise more funds through the issuance of additional US dollar-denominated sukuk.

NCB has mandated Citigroup Global Markets Limited, Emirates NBD Capital, Goldman Sachs International, JP Morgan Securities, Standard Chartered Bank, MUFG Securities and NCB Capital Company as joint lead managers and bookrunners for the potential tier 1 offering.

“The number and value of any sukuk to be offered will be determined based on market conditions,” NCB said in bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

“The purpose of the potential offer is to enhance the bank’s tier 1 capital as well as for general corporate purposes,” it added.

Last year, the bank launched its additional tier 1 sukuk worth 4.2 billion riyals to boost its capital base. The issuance was completed in June 30, 2020, with a total of 4,200 bonds issued and a par value of 1 million riyals.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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