Logo of The Saudi Investment Bank (SAIB) 

The Saudi Investment Bank (SAIB) starts today, June 21, the issuance of SAR-denominated Tier 1 sukuk, the bank said in a bourse statement.

 

The targeted class of the issuance is institutional and qualified investors, in accordance with the Capital Market Authority Rules on the Offer of Securities and Continuing Obligations.

 

Sukuk Issuance Details

Offer Type

SAR-denominated sukuk

Offer Value

To be determined as per market conditions.

Start Date

June 21, 2022

End Date

June 28, 2022

Target Class

Institutional and qualified clients as defined by the Capital Market Authority’s (CMA) regulations

Lead Manager/Bookrunner

Alistithmar Capital

Minimum Subscription Limit

SAR 1 mln

Offer Price

Subject to market conditions

Par Value

SAR 1 mln

Sukuk Return

Subject to market conditions

Maturity

Perpetual, with some redemption rights subject to the terms and conditions of the sukuk.

Terms of Redemption       

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 offering circular in relation to the sukuk.
 

The announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities. The bank will announce any other relevant material developments to its shareholders in due course as required by the relevant rules and regulations.

 

In March, the lender announced its plan to issue SAR-denominated Tier 1 sukuk with a total amount not exceeding SAR 2 billion through private placement, according to data available with Argaam.

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