SAB starts issuance of SAR-denominated AT1 sukuk

Logo of Saudi Awwal Bank

Saudi Awwal Bank (SAB) started today, Oct. 11, the issuance of tranche 1 of a fixed-rate, SAR-denominated Additional Tier 1 (AT1) sukuk and tranche 2 of a floating-rate sukuk.

The offer value pursuant to a SAR-denominated ATI sukuk issuance program will be determined subject to market conditions, according to a statement to Tadawul.

Sukuk Details
Issuance type	Tranche 1 of SAR-denominated AT1 sukuk
Value	Offer value and terms will be determined based on market conditions
Start date	Oct. 11, 2023
End date	Oct. 24, 2023
Target investors	Institutional and qualified investors as per the CMA’s Rules on the Offer of Securities and Continuing Obligations
Offer manager	HSBC Saudi Arabia was mandated as sole arranger and dealer
Minimum subscription	SAR 1 mln
Offer price	To be set based on market conditions
Par value	SAR 1 mln per certificate
Return	To be set based on market conditions
Maturity	Perpetual, with certain redemption rights as described in the base offering circular
Redemption terms	The sukuk are perpetual securities and accordingly do not have a fixed or final redemption date. However, they may be redeemed early in certain cases as detailed in the base offering circular.

This 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 in due course as per the relevant rules and regulations, the statement noted.

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