Riyadh - Mubasher: The National Commercial Bank (NCB) announced the completion of the issuance of additional Tier 1 sukuk denominated in riyals, within the Kingdom of Saudi Arabia.

The bank explained, in a statement on "Tadawul", today, Thursday, that 6,000 bonds were issued (based on the minimum category and total issue size), with a nominal value of one million riyals, bringing the value of the offering to 6 billion riyals.

He added that the return is 6% annually from the date of issuance (including that date) until November 21, 2029 (excluding that date), indicating that if the bonds are not redeemed or purchased and then cancelled in accordance with the terms and conditions of the bonds on or before May 21, 2030.

It stated that the Sukuk yield will be reset on this date and every five years thereafter as detailed in the Master Term Sheet relating to the Sukuk.

She pointed out that the maturity period is continuous, taking into account the possibility of early redemption on the redemption date or as stated in the terms and conditions, and early redemption of the bonds is permissible in certain cases specified in the offering documents for the bonds.