Logo of Saudi Investment Bank
The Saudi Investment Bank (SAIB) commenced today, Jan. 31, offering the second tranche of the Sukuk Program.
The targeted class is institutional and qualified investors, in accordance with the Capital Market Authority Rules on the Offer of Securities and Continuing Obligations, the bank said in a statement.
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Sukuk Issuance Details |
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Issue type |
SAR-denominated Tier I Sukuk |
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Issue value |
The value and number of sukuk to be determined based on market conditions |
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Offering start date |
Jan. 31, 2023 |
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Offering end date |
Feb. 5, 2023 |
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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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Lead manager and bookrunner |
Alistithmar for Financial Securities and Brokerage Co. |
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Minimum subscription limit |
SAR 1 mln |
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Offer price (Sukuk/bonds) |
Based on market conditions |
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Return (Sukuk/bonds) |
Perpetual, with some redemption rights subject to the terms and conditions of the Sukuk |
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Terms of redemption |
The sukuk are perpetual securities. Accordingly, they do not have a fixed or final redemption date. However, they may be redeemed by the bank in certain cases as detailed in the offering circular in relation to the Sukuk. |
SAIB had recently increased the size of Tier 1 Sukuk program to SAR 5 billion from SAR 2 billion, according to data available with Argaam.
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