Al Rajhi Bank starts issuance of SAR denominated Tier 1 Sukuk

Logo of Al Rajhi Bank

Al Rajhi Bank announced today, Jan. 3, the commencement of the offer of its SAR-denominated Tier 1 Sukuk by way of a private placement in Saudi Arabia.

The bank said in a bourse filing that the amount and terms of offer of the Sukuk will be determined subject to the market conditions.

Sukuk Details
Offer type	SAR denominated Tier 1 Sukuk
Value of offer	The amount and terms of offer will be determined subject to market conditions
Start date	Jan. 3, 2022
End date	Jan. 26, 2022
Target class	Institutional and qualified investors in accordance with the Capital Market Authority Rules on the offer of securities and continuing obligations
Minimum subscription	SAR 1 mln
Offer price	Subject to market conditions
Par value	SAR 1 mln
Return	Subject to market conditions
Maturity	Perpetual
Terms of redemption	The Sukuk may be redeemed by the bank in certain cases as detailed in the offering circular in relation to the Sukuk
Issuance manager	Al Rajhi Capital as the sole lead manager and bookrunner

The offering of Sukuk will be limited to institutional or qualified clients. Accordingly, the Sukuk may only be offered and sold in the Kingdom in accordance with Article 8 of the Rules of the Offer of Securities and Continuing Obligations.

The issuing end date referred to above is the expected date of the end of the offering, subject to market conditions.

The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.

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