Bank Albilad kicks off USD-denominated AT1 sukuk

Bank Albilad offers sukuk to qualified investors inside and outside Saudi Arabia

Bank Albilad started the issuance of USD-denominated additional tier 1 (AT1) capital sukuk through a private placement inside and outside Saudi Arabia, under its $2 billion AT1 capital sukuk program.

According to a statement on Tadawul, the bank said the value and terms of the sukuk will be determined at a later stage based on prevailing market conditions.

The bank said the announcement does not constitute an invitation or offer to purchase, own, or subscribe to any securities, noting that it will disclose any other material developments in due course in accordance with relevant rules and regulations.

The sukuk will be listed on London Stock Exchange (LSE), and will be offered, sold, and delivered outside the US only, through offshore transactions to non-US persons in reliance on Regulation S of the US Securities Act of 1933, as amended.

The bank noted that the offering end date mentioned above is indicative and remains subject to market conditions.