SAIB commences offer of second tranche of SAR-denominated Tier 1 Sukuk

Logo of Saudi Investment Bank

The Saudi Investment Bank (SAIB) commenced today, Jan. 31, offering the second tranche of the Sukuk Program.

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

Sukuk Issuance Details
Issue type	SAR-denominated Tier I Sukuk
Issue value	The value and number of sukuk to be determined based on market conditions
Offering start date	Jan. 31, 2023
Offering end date	Feb. 5, 2023
Target class	Institutional and qualified investors, in accordance with the Capital Market Authority Rules on the Offer of Securities and Continuing Obligations
Lead manager and bookrunner	Alistithmar for Financial Securities and Brokerage Co.
Minimum subscription limit	SAR 1 mln
Offer price (Sukuk/bonds)	Based on market conditions
Return (Sukuk/bonds)	Perpetual, with some redemption rights subject to the terms and conditions of the Sukuk
Terms of redemption	The sukuk are perpetual securities. Accordingly, they 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.

SAIB had recently increased the size of Tier 1 Sukuk program to SAR 5 billion from SAR 2 billion, according to data available with Argaam.

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