Logo of Al Rajhi Bank

Al Rajhi Bank completed, today, Jan. 17, the issuance of SAR-denominated Tier 1 Sukuk, worth SAR 6.5 billion, by way of a private placement in Saudi Arabia.

 

The settlement of the sukuk issuance will be on Jan. 23, 2022, the bank said in a statement to Tadawul.

 

Sukuk Details

Offer type

SAR denominated Tier 1 Sukuk

Value of offer

SAR 6.5 bln

Total number of sukuk

6,500 (based on the minimum denomination and total issue size)

Return

3.5% per annum fixed rate payable quarterly from the issue date excluding the reset date. The return rate shall thereafter reset on the reset date.

Target class

Institutional and qualified investors in accordance with the Capital Market Authority Rules on the offer of securities and continuing obligations

Maturity

Perpetual

Terms of redemption

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

Issuance manager

Al Rajhi Capital as the sole lead manager and bookrunner

 

The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.

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