AI Summary
Logo of The Saudi Investment Bank (SAIB)
The Saudi Investment Bank (SAIB) completed the issuance of Tier 1 sukuk worth SAR 2 billion, the bank said in a bourse statement.
The sukuk issuance will be settled on June 29, as shown in the following table:
|
Sukuk Issue Highlights |
|
|
Issue type |
SAR-denominated, Tier I sukuk |
|
Issue size |
SAR 2 bln |
|
Total number of sukuk |
2,000 (based on the minimum denomination and total issue size) |
|
Nominal value |
SAR 1 mln |
|
Sukuk returns |
A fixed rate of 6.0% annually, payable semi-annually from the issue date to (but excluding) June 29, 2027 (Reset Date). The return rate shall thereafter reset on the Reset Date |
|
Maturity period |
Perpetual, with some redemption rights subject to the terms and conditions of the certificates |
|
Terms of redemption |
The sukuk may be redeemed by SAIB in certain cases as detailed in the offering circular. |
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