Banque Saudi Fransi starts today, Oct.19, the issuance of SAR-denominated additional Tier 1 Sukuk through private placement, the lender said in a bourse filing.

 

The number and value of sukuk to be offered will be determined based on market conditions, it added.

 

The issuance, which will end on Nov. 8, 2020, will be offered to sophisticated investors as such term is defined in Article (9) of the Rules on the Offer of Securities and Continuing Obligations.

 

Sukuk Details

Issuance type

SAR-denominated additional Tier 1 Sukuk

Issuance amount

Number and value of any sukuk to be offered will be determined based on market conditions

Start date

Oct. 19, 2020

End date

Nov. 8, 2020

Target group

Sophisticated investors (as defined in Article (9) of the Rules on the Offer of Securities and Continuing Obligations)

Underwriter

Saudi Fransi Capital

Minimum subscription

SAR 1 mln

Listing price

Subject to market conditions

Return (sukuk/bonds)

Subject to market conditions

Maturity

Perpetual

Redemption

May be redeemed early due to a capital or tax event, or at the option of the bank as described in the terms and conditions of the sukuk

 

The statement said that the announcement is not intended as an invitation of offer to purchase, acquire or subscribe to any securities and was subject to the terms and conditions of the sukuk, adding that the bank will announce other relevant developments in due course.

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