Al Rajhi Bank completes $1B sukuk offer

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Al Rajhi Bank completed its $1 billion worth of sustainable sukuk offering under its international sukuk issuance program.

 

The sustainable sukuk will be settled on March 12, the bank said in a statement to Tadawul.

 

Offer Details

Offer Type

Dollar-denominated sustainable sukuk

Issuance Value

$1 billion

Total No. of sukuk

5,000 (based on the category’s minimum limit and total issuance size)

Nominal Value

$200,000

Return

5.047% annually

Maturity Period

5 years

Redemption Terms

The sukuk may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular
 

The sukuk will be listed on London Stock Exchange's International Securities Market (ISM). The sale of the sukuk is permissible only in accordance with Regulation S of the US Securities Act of 1933, as amended.

 

The bank commenced on March 5 its US dollar-denominated sustainable sukuk offering, Argaam reported. The final value and offering terms will be determined based on market conditions.

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