BSF plans to issue US dollar-denominated certificates

Logo of Banque Saudi Fransi (BSF) 

Banque Saudi Fransi (BSF) intends to issue US dollar-denominated sukuk under its Trust Certificate Issuance Program, according to the bank's statement to Tadawul.

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.

The issue is expected to be implemented through a special purpose vehicle and by way of an offer to eligible investors locally and internationally.

The bank mandated Citigroup Global Markets Ltd., Emirates NBD Bank P.J.S.C., HSBC Bank plc, Merrill Lynch International, Mizuho International plc, and Saudi Fransi Capital as joint lead managers.

The amount and terms of the offer will be determined subject to market conditions, the statement said, adding that the issue is for Islamic finance businesses.

The offer will be subject to the approval of the relevant regulatory authorities and will be carried out in compliance with the applicable laws and regulations.

Any relevant material developments will be announced in due course, the bank said.