Logo of The Saudi Investment Bank (SAIB)
The Saudi Investment Bank (SAIB) starts today, June 21, the issuance of SAR-denominated Tier 1 sukuk, the bank said in a bourse statement.
The targeted class of the issuance is institutional and qualified investors, in accordance with the Capital Market Authority Rules on the Offer of Securities and Continuing Obligations.
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Sukuk Issuance Details |
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Offer Type |
SAR-denominated sukuk |
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Offer Value |
To be determined as per market conditions. |
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Start Date |
June 21, 2022 |
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End Date |
June 28, 2022 |
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Target Class |
Institutional and qualified clients as defined by the Capital Market Authority’s (CMA) regulations |
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Lead Manager/Bookrunner |
Alistithmar Capital |
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Minimum Subscription Limit |
SAR 1 mln |
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Offer Price |
Subject to market conditions |
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Par Value |
SAR 1 mln |
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Sukuk Return |
Subject to market conditions |
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Maturity |
Perpetual, with some redemption rights subject to the terms and conditions of the sukuk. |
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Terms of Redemption |
Sukuk are perpetual securities and accordingly 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. |
The 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 to its shareholders in due course as required by the relevant rules and regulations.
In March, the lender announced its plan to issue SAR-denominated Tier 1 sukuk with a total amount not exceeding SAR 2 billion through private placement, according to data available with Argaam.
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