AI Summary
Logo of Bank Albilad
Bank Albilad announced the start of issuance of domestic SAR-denominated Tier 2 sukuk, by way of private placement in Saudi Arabia, from today, April 1, until April 15, 2021.
The offer also includes an option for the holders of the previously issued SAR 2 billion sukuk (due in 2026) to change their investment to the new Tier 2 sukuk, subject to the terms and conditions.
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Issuance Details |
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Issuance Type |
SAR-denominated Tier 2 sukuk |
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Issuance Value |
To be determined based on market conditions |
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Start Date |
April 1, 2021 |
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End Date |
April 15, 2021 |
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Targeted Class |
Sophisticated investors as per Article 9 of the Rules on the Offer of Securities and Continuing Obligations. |
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Minimum Subscription Value |
SAR 1 mln |
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Offer Price (Sukuk/Bonds) |
SAR 1 mln |
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Par Value |
SAR 1 mln |
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Return (Sukuk/Bonds) |
Three-month SAIBOR, in addition to a margin (to be determined subject to market conditions) |
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Maturity period (Sukuk/Bonds) |
10 years. Callable in fifth year, subject to the terms and conditions of the sukuk |
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Terms of Redemption |
Shall be redeemed on the maturity date. It may be redeemed earlier in certain cases due to a capital disqualification event, a tax event, an event of default, or an issuer call option, each pursuant to terms and conditions of the sukuk |
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Issuance Manager |
Albilad Capital as sole arranger and dealer |
The offering end date is the expected date, subject to market conditions. The bank will announce any relevant material developments in due course.
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