Islamic Finance

Arab National Bank issues $750 mln Tier 2 sukuk

Saud Arabia's Arab National Bank has issued a $750 million Tier 2 sukuk.

The 10-year sukuk has an annual fixed return rate of 3.326%, the bank said in a filing with Tadawul, the Saudi stock exchange, on Thursday (Oct 22). The sukuk is callable in the fifth year. 

The U.S.dollar-denominated sukuk will be listed on the London Stock Exchange. 

ANB said on Oct 19 that HSBC Bank and J.P. Morgan Securities were Joint Lead Managers and Bookrunners, and Arab National Investment Company was appointed Joint Lead Manager.

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