BSF plans issuance of US dollar Sukuk

Logo of Banque Saudi Fransi (BSF)

Banque Saudi Fransi (BSF) plans to issue US dollar denominated Sukuk under its Trust Certificate Issuance Program.

In a statement to Tadawul, BSF said the value and terms of the certificates will be determined subject to the market conditions, noting that the offer is aimed at Islamic finance business.

The issuance is expected to be through a special purpose vehicle and by way of an offer to eligible investors in Saudi Arabia and internationally.

Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank plc, Mizuho International plc and Saudi Fransi Capital were mandated as joint lead managers.

The offer will be subject to the approval of the relevant regulatory authorities and will be in compliance with applicable laws and regulations.

The issuance was approved by the board of directors on May 15, when certain executive management members were delegated with all powers and authority necessary to establish the program and carry out the issuance of any series of certificates from time to time.

The announcement is not intended as an invitation of offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the certificates. The bank will announce any other relevant material developments to its shareholders in due course as required by the relevant rules and regulations, BSF added.