Saudi British Bank (SABB) starts today, July 6, the first issuance of Tier II SAR denominated sukuk through private placement, the lender said in a bourse filing.
The amount of the first sukuk will be determined based on market conditions, in line with the applicable laws and regulations.
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Sukuk Details |
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Issuance type |
Tier II SAR denominated Sukuk offered by way of private placement |
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Issuance amount |
Amount of the first issuance will be determined pursuant to the local program and market conditions |
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Start date |
July 6, 2020 |
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Closing date |
July 28, 2020 |
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Target group |
Sophisticated investors residing in Saudi Arabia |
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Underwriter |
HSBC Saudi Arabia |
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Minimum subscription |
SAR 1 mln |
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Listing price |
SAR 1 mln |
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Par value |
SAR 1 mln |
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Return |
6 months SAIBOR + Margin (to be determined later) |
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Maturity |
10 years callable at 5 years subject to market conditions |
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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 |
The issuance, which will end on July 28, 2020, will be offered to sophisticated investors residing in Saudi Arabia. However, the end of the offering period may be earlier subject to market conditions.
On Sunday, SABB said it will update and amend its previously established international sukuk program, and set up a local sukuk program after obtaining the approval from the board of directors on June 8, 2020.
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