Saudi Investment Bank successfully issues SAR 2bn subordinated Sukuk

05/06/2014 Argaam

Saudi Investment Bank announced on Tadawul today successful issuance of a SAR 2 billion Sukuk through a private placement within the Kingdom of Saudi Arabia.
 

These Shariah compliant Sukuk will support the Bank's capital base in accordance with Basel III requirements in order to assist in the Bank’s growth.


 It will also improve the maturity profile in addition to diversifying funding sources.


 The issuance has a tenor of 10 years and is recallable at the end of the fifth year.

The Sukuk carries a semiannually yield of 6 months SIBOR + 1.45%.


 All required approvals from the regulatory authorities have been obtained for the issuance. 

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