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Saudi Awwal Bank (SAB) headquarters
Saudi Awwal Bank (SAB) plans to fully redeem its SAR 5 billion Tier 2 sukuk at face value on July 22, marking the end of the fifth year since issuance.
In a statement to Tadawul, SAB said the sukuk were issued on July 22, 2020, and are due to mature in 2030. Under the sukuk terms, SAB has the option to call the instruments in 2025 and has secured the necessary regulatory approvals.
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Details of the Redeemed Sukuk |
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Type of Sukuk |
A private placement of Tier 2 sukuk denominated in SAR |
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Total Value |
SAR 5 bln |
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Redemption Rate |
100% |
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Total Redeemed Sukuk |
5,000 sukuk |
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Issuance Date |
July 22, 2020 |
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Trading Suspension Date |
July 22, 2025 |
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Face Value at Redemption |
SAR 1 mln |
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Redemption Payment Date |
July 22, 2025 |
The bank will pay the principal amount along with any accrued but unpaid profit distributions to sukuk holders in line with the issuance terms.
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