BSF announces plans to issue USD-denominated sukuk

One of BSF branches

Banque Saudi Fransi (BSF) announced its intention to offer USD-denominated sukuk under its Trust Certificate Issuance Program.

According to a statement to Tadawul, the bank explained that the issuance will be through a special purpose vehicle (SPV) via an offer directed to qualified investors both inside and outside the Kingdom.

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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.

The value and terms of the sukuk offering will be determined based on market conditions, the bank noted, adding that the issuance is for Islamic financing activities.

The offering, subject to approval from the relevant regulatory authorities, will be executed in compliance with applicable laws and regulations.

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

The bank will disclose any significant developments as they occur, adhering to the relevant regulations, the statement added.