Al Rajhi Bank plans USD-denominated sukuk

Logo of Al Rajhi Bank

Al Rajhi Bank plans to issue US dollar-denominated sustainable sukuk under its international sukuk program through a special purpose vehicle to eligible investors inside and outside Saudi Arabia. The program was updated by the bank on May 30, 2023.

The bank mandated Al Rajhi Capital, Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Ltd, Dubai Islamic Bank P.J.S.C., Emirates NBD Capital Ltd, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank plc, KFH Capital Investment Co., SMBC Capital Markets Ltd, Société Générale, and Standard Chartered Bank as joint lead managers and bookrunners for the potential offering.

The value and conditions of sustainable sukuk offering will be determined based on market conditions, the bank said in a statement to Tadawul.

It explained that the offering is aimed at meeting Al Rajhi Bank’s financial and strategic objectives in accordance with its financing sustainability framework.

The sukuk offer will be subject to the approval of the relevant regulatory authorities, as applicable, and will be made in compliance with relevant laws and regulations, the bank added.