Saudi British Bank (SABB) starts today, July 6, the first issuance of Tier II SAR denominated sukuk through private placement, the lender said in a bourse filing.

 

The amount of the first sukuk will be determined based on market conditions, in line with the applicable laws and regulations.

 

Sukuk Details

Issuance type

Tier II SAR denominated Sukuk offered by way of private placement

Issuance amount

Amount of the first issuance will be determined pursuant to the local program and market conditions

Start date

July 6, 2020

Closing date

July 28, 2020

Target group

Sophisticated investors residing in Saudi Arabia

Underwriter

HSBC Saudi Arabia

Minimum subscription

SAR 1 mln

Listing price

SAR 1 mln

Par value

SAR 1 mln

Return

6 months SAIBOR + Margin (to be determined later)

Maturity

10 years callable at 5 years subject to market conditions

Redemption

On maturity and early redemption (including on the call date at the option of the bank), subject to the terms and conditions of the sukuk

 

The issuance, which will end on July 28, 2020, will be offered to sophisticated investors residing in Saudi Arabia. However, the end of the offering period may be earlier subject to market conditions.

 

On Sunday, SABB said it will update and amend its previously established international sukuk program, and set up a local sukuk program after obtaining the approval from the board of directors on June 8, 2020.

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