SABB successfully completes first SAR 5 bln local sukuk issuance

23/07/2020 Argaam

 

Saudi British Bank (SABB) completed the first issuance of its Tier 2 SAR-denominated sukuk worth SAR 5 billion through private placement, the bank said in a statement to Tadawul on Thursday.

 

The bank mandated HSBC Saudi Arabia as the sole book runner, lead arranger and lead manager for the private placement of the sukuk.

 

Sukuk Details

Issuance type

Tier II SAR denominated Sukuk offered by way of private placement

Issuance amount

SAR 5 bln

Total number of sukuk

5,000 Sak

Par value

SAR 1 mln

Return

6 months SAIBOR + Margin of 195 basis points

Maturity

July 22, 2030 and recoverable on July 22, 2025

Redemption

On maturity and early redemption (including on the call date at the option of the bank), subject to the terms and conditions of the sukuk

 

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