Logo of Al Rajhi Bank
Al Rajhi Bank started today, Oct. 30, launching the first tranche of SAR-denominated Tier 1 sukuk for individual and institutional investors.
The offering will run until Nov. 10, the bank said in a filing to Tadawul.
The issuance amount was initially set at SAR 4 billion, the bank said, adding that the definitive issuance amount will be determined after the completion of the offer period, based on market conditions at that time.
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Sukuk Issuance Details |
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Offer Type |
SAR-denominated additional Tier 1 sukuk |
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Offer Value |
To be determined as per market conditions |
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Start Date |
Oct. 30, 2022 |
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End Date |
Nov. 10, 2022 |
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Target Class |
Eligible natural and legal persons in Saudi Arabia and any other relevant jurisdiction where the sukuk may be lawfully offered. |
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Minimum Subscription Limit |
Five sukuk with a par value of SAR 5,000 |
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Offer Price |
SAR 1,000 each |
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Par Value |
SAR 1,000 each |
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Sukuk Return |
5.50% per annum fixed rate payable quarterly |
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Maturity |
Perpetual (without a record date) |
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Terms of Redemption |
The sukuk may be redeemed in certain cases as detailed in the term sheet in relation to the sukuk. |
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Lead Manager/Bookrunner |
Al Rajhi Capital is the financial advisor, lead manager and dealer of the sukuk offering and issuance. |
Institutional investors wishing to purchase the sukuk should submit a duly completed form to the relevant dealers. As for retail investors, they should submit a duly completed form to the receiving agents through the available channels, including phone banking or ATMs.
The receiving agents are Al Rajhi Bank, Saudi National Bank, Alinma Bank, Arab National Bank, Banque Saudi Fransi, AlJazira Capital, Riyad Bank, and Bank Albilad
The sukuk may be redeemed by Al Rajhi Bank in certain cases as detailed in the base prospectus.
On Oct. 20, the Capital Market Authority (CMA) approved Al Rajhi Bank's request for the registration and public offering of the debt instruments within a program worth no more than SAR 10 billion, according to data available with Argaam.
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