Al Rajhi Bank completes issuance of first tranche of SAR 10 bln Sukuk

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.

Details
Type of Issue	SAR-denominated Tier 1 Sukuk
Value of Offering	SAR 10 bln
Total No. of Bonds/Sukuk	10 mln
Par Value	SAR 1,000 each
Return	5.50% per annum fixed rate payable quarterly, starting from the settlement date (Nov. 16, 2022)
Maturity	Perpetual
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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