SAB completes SAR 4 bln AT1 sukuk issuance

Logo of Saudi Awwal Bank (SAB)

Saudi Awwal Bank (SAB) completed today, Oct. 31, the issuance of SAR-denominated Additional Tier 1 (AT1) sukuk, as follows:

 

Sukuk Details

Issuance type 

Tranche 1 of SAR-denominated AT1 sukuk 

Value 

SAR 4 bln

Total number of sukuk

4,000

Par value per sak

SAR 1 mln 

Yield of sukuk

SAIBOR for a 3-month period + 1.25%, variable annual rate paid quarterly, starting on Oct. 31, 2023.

Maturity

Continuous (no specific maturity date) with defined redemption rights per the prospectus.

 

In a statement on Tadawul today, the bank noted that sukuk can be redeemed under certain conditions, as detailed in the core prospectus dated Oct. 11, 2023, and the final terms applied.

 

Earlier this month, Alawwal Bank announced its plan to issue AT1 sukuk through a special offering within Saudi Arabia as part of its program for such sukuk, according to Argaam’s data.

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