AI Summary
Bank Albilad to settle sukuk on Jan. 15
Bank Albilad completed the issuance of USD-denominated additional tier 1 (AT1) capital sukuk worth $500 million.
In a statement published on Tadawul, the bank said that settlement of the sukuk issuance will take place on Jan. 15.
Sukuk Issuance Details
|
Type |
USD-denominated AT1 capital sukuk |
|
Value |
$500 mln |
|
No. of sukuk |
2,500 |
|
Nominal Value |
$200,000 |
|
Return |
6.375% per annum |
|
Maturity |
Perpetual (subject to early redemption on a call date or as otherwise specified in the base offering circular and the applicable pricing supplement relating to the sukuk). |
|
Redemption Terms |
The sukuk are perpetual securities and, accordingly, do not have a fixed or final redemption date. However, they may be redeemed by the bank in certain cases as detailed in the base offering circular and the applicable pricing supplement relating to the sukuk. |
According to Argaam data, Bank Albilad announced on Jan. 8 the launch of a US dollar-denominated AT1 capital sukuk, through a private placement inside and outside Saudi Arabia, under its $2 billion AT1 capital sukuk program.
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