BSF starts issuing USD-denominated sukuk

Logo of Banque Saudi Fransi (BSF)

Banque Saudi Fransi (BSF) initiated a USD-denominated sukuk offering under its Trust Certificate Issuance Program, the lender said in a statement to Tadawul.

The issuance will be carried out through a special purpose vehicle (SPV), targeting qualified investors both within and outside Saudi Arabia, the statement added.

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Details
Offer Type	USD-denominated sukuk under the Trust Certificate Issuance Program
Offer Value	To be determined based on market conditions
Start Date	Jan. 14, 2025
End Date	Jan. 15, 2025
Target Class	Qualified investors within and outside Saudi Arabia
Issuance Manager	The bank appointed HSBC PLC as the global coordinator and Abu Dhabi Commercial Bank PJSC, Citigroup Global Markets Ltd, Crédit Agricole, Emirates NBD PJSC, Goldman Sachs, Islamic Corporation for the Development of the Private Sector, Mashreq Bank PSC (through its Islamic division), Mizuho International PLC, SMBC Bank International PLC, and Saudi Fransi Capital as joint bookrunners.
Minimum Subscription	$200,000, with an increase of SAR 1,000 for higher amounts
Offering Price	Subject to market conditions
Nominal Value	$200,000
Return	Subject to market conditions
Maturity	Five years
Terms of Redemption	Sukuk may be redeemed early due to a material event, as stated in the Trust Certificate Issuance Program.

BSF said it would disclose any material developments to shareholders in line with applicable rules and regulations.

The announcement does not constitute an invitation or offer to purchase, own, or subscribe to any securities and is subject to the sukuk's terms and conditions, the bank noted.

The certificates will be listed on the International Securities Market of the London Stock Exchange plc. The certificates may only be sold as per Regulation S under the US Securities Act of 1933, as amended.

The issue end date referred to above is the expected offering end date, which is subject to market conditions.

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