AI Summary
Logo of Saudi Awwal Bank (SAB)
Saudi Awwal Bank (SAB) completed the issuance of US dollar-denominated additional Tier 1 green sukuk worth $650 million under its $5 billion Additional Tier 1 Capital Note Programme, the bank said in a filing to Tadawul.
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Details |
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Offer Type |
US dollar-denominated additional Tier 1 green sukuk
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Offer Value |
$650 mln |
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Total No. of Sukuk |
3,250 (based on minimum denomination and total issue size) |
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Nominal Value |
$200,000 |
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Return |
6.50% annually |
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Maturity |
Perpetual (no maturity date), subject to early redemption on the call date or as set out in the base prospectus, the supplementary prospectus, and the applicable final terms of the sukuk. |
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Terms of Redemption |
The sukuk will be perpetual and therefore will not have a specified or final maturity date. However, they may be subject to early redemption by the bank under certain circumstances, as detailed in the base prospectus, the supplementary prospectus, and the applicable final terms of the sukuk. |
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According to Argaam data, the bank began on May 14 issuing US dollar-denominated sustainable additional Tier 1 sukuk through a private placement inside and outside Saudi Arabia.
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