SAIB completes issuance of SAR 500 mln Tier 1 Sukuk

06/02/2023 Argaam

SAIB completes issuance of SAR 500 mln Tier 1 Sukuk

Logo of The Saudi Investment Bank (SAIB)

The Saudi Investment Bank (SAIB) completed the second issuance of its riyal-denominated Tier 1 Sukuk, as follows:

 

Sukuk Issuance Details

Issue type    

SAR-denominated Tier 1 Sukuk

Issue value

SAR 500 mln

Total Bonds/Sukuk

500

Par value

SAR 1 mln each

Return

A 6.25% per annum fixed rate payable semiannually from the issuance date until Feb. 6, 2028, excluding the reset date. The return rate will be adjusted on the reset date.

Maturity

Perpetual, with some redemption rights subject to the terms and conditions of the certificates.

Redemption terms

The Sukuk may be redeemed by the bank in certain cases as detailed in the offering circular
 

In a statement to Tadawul, SAIB added the Sukuk will be settled today, Feb. 6.

 

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The bank will announce any other relevant material developments to its shareholders in due course as required by the relevant rules and regulations, SAIB concluded.

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