BSF launches USD-denominated sukuk

Logo of Banque Saudi Fransi (BSF)

Banque Saudi Fransi (BSF) announced the commencement of issuing US dollar-denominated sukuk under the Trust Certificate Issuance Program, facilitated through a special-purpose vehicle and offered to qualified investors inside and outside Saudi Arabia. 

The offering period begins today, Jan. 18, and will conclude on Jan. 19, the bank said in a statement to Tadawul.  

Below are the details of the Sukuk issuance:

This announcement does not constitute an invitation or an offer to buy, own, or subscribe to any securities. It is subject to the sukuk terms and conditions.

Any new developments will be announced in due course.

The sukuk will be listed on London Stock Exchange's International Securities Market (ISM). The sale of the sukuk is permissible only in accordance with Regulation S of the US Securities Act of 1933, as amended.

According to data available on Argaam, BSF announced, on Jan. 17, its intention to issue US dollar-denominated sukuk under its Trust Certificate Issuance Program.

The move comes in line with the board of directors' resolution dated May 15, 2023, in which the board delegated certain executive management members with all powers and authority necessary or appropriate on behalf of the bank to establish the program and to issue any series of certificates from time to time.