SAIB issues SAR-denominated Tier 1 sukuk worth SAR 1.85B

The Saudi Investment Bank (SAIB) headquarter

The Saudi Investment Bank (SAIB) announced today, May 3, completing the offer and settlement of SAR-denominated Additional Tier 1 (AT1) sukuk, wroth SAR 1.85 billion, according to a statement to Tadawul.

 

Offering Details

Issue Type

SAR-denominated Tier 1 sukuk

Offering Value

SAR 1.85 bln

Total number of Bonds/Sukuk     

1,850 sukuk

Par Value

SAR 1 mln per sakk

Return

6.50% fixed per annum, paid semi-annually.  The return rate shall be amended on the reset date (as detailed in the offering prospectus).

Maturity

Perpetual (no fixed maturity date), with the option for early redemption on the first call date or as specified in the prospectus and the applicable final terms of the sukuk.

Terms of Redemption

The sukuk are perpetual and have no specified maturity.  However, they may be redeemed early by the bank under certain conditions, as detailed in the base prospectus and the applicable final terms.
 

According to Argaam's data, the bank began last month issuing SAR-denominated Additional Tier 1 (AT1) sukuk, under its AT1 sukuk issuance program, conducted through a private placement to qualified investors within Saudi Arabia.

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