The bonds have a three-year tenor, and carry a fixed interest rate of 4.125 per cent every year, said a statement from Burgan Bank.
Majed Essa Al Ajeel, the chairman of Burgan Bank, said:
“We are pleased with the trust and confidence placed in us by the investors in our bonds. This issuance is testament to Burgan’s commitment to support the continued development of the local debt capital market.”“We would like to extend our sincere gratitude to the country’s regulators for their diligence and professionalism throughout the transaction process,” he added.
“This transaction demonstrates Burgan’s on-going strategy to diversify the Bank’s sources of funds, support the Bank’s balance sheet with secure long term funding, and meet regulatory liquidity requirements, which include the NSFR (Net Stable Funding Ratio). This type of bond creates a new asset class for banks in the local market.” added Mr. Al-Haqhaq.
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