Logo of Al Rajhi Bank
Al Rajhi Bank completed, today, Jan. 17, the issuance of SAR-denominated Tier 1 Sukuk, worth SAR 6.5 billion, by way of a private placement in Saudi Arabia.
The settlement of the sukuk issuance will be on Jan. 23, 2022, the bank said in a statement to Tadawul.
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Sukuk Details |
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Offer type |
SAR denominated Tier 1 Sukuk |
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Value of offer |
SAR 6.5 bln |
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Total number of sukuk |
6,500 (based on the minimum denomination and total issue size) |
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Return |
3.5% per annum fixed rate payable quarterly from the issue date excluding the reset date. The return rate shall thereafter reset on the reset date. |
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Target class |
Institutional and qualified investors in accordance with the Capital Market Authority Rules on the offer of securities and continuing obligations |
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Maturity |
Perpetual |
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Terms of redemption |
The Sukuk may be redeemed by the bank in certain cases as detailed in the offering circular in relation to the Sukuk |
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Issuance manager |
Al Rajhi Capital as the sole lead manager and bookrunner |
The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.
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