Logo of Al Rajhi bank
Al Rajhi bank announced in a statement to Tadawul that it completed offering and subscription of the first tranche of SAR-denominated Tier 1 Sukuk.
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Details |
|
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Type of Issue |
SAR-denominated Tier 1 Sukuk |
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Value of Offering |
SAR 10 bln |
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Total No. of Bonds/Sukuk |
10 mln |
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Par Value |
SAR 1,000 each |
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Return |
5.50% per annum fixed rate payable quarterly, starting from the settlement date (Nov. 16, 2022) |
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Maturity |
Perpetual |
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Terms of Redemption |
The Sukuk may be redeemed by Al Rajhi Bank in certain cases |
The rate of return will be reset on Nov. 16, 2022, and the rate of return will then be reset every five years following the first reset date, as set out in the applicable final terms.
The sukuk allocation will be completed by end of Nov. 13, and the settlement of the Sukuk will take place on Nov. 16. Surplus refund will be implemented for eligible investors on Nov. 16, and refunds will be deposited in the accounts of the eligible shareholders accordingly. The Sukuk then
will be listed and begin trading on the Saudi Exchange (Tadawul).
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