SAIB closes issuance of SAR 2 bln sukuk

29/06/2022 Argaam

Logo of The Saudi Investment Bank (SAIB)

The Saudi Investment Bank (SAIB) completed the issuance of Tier 1 sukuk worth SAR 2 billion, the bank said in a bourse statement.

 

The sukuk issuance will be settled on June 29, as shown in the following table:

 

Sukuk Issue Highlights

Issue type

SAR-denominated, Tier I sukuk

Issue size

SAR 2 bln

Total number of sukuk

2,000 (based on the minimum denomination and total issue size)

Nominal value

SAR 1 mln

Sukuk returns

A fixed rate of 6.0% annually, payable semi-annually from the issue date to (but excluding) June 29, 2027 (Reset Date). The return rate shall thereafter reset on the Reset Date

Maturity period

Perpetual, with some redemption rights subject to the terms and conditions of the certificates

Terms of redemption

The sukuk may be redeemed by SAIB in certain cases as detailed in the offering circular.

 

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