Logo of Saudi Awwal Bank (SAB)
Saudi Awwal Bank (SAB) completed today, Oct. 31, the issuance of SAR-denominated Additional Tier 1 (AT1) sukuk, as follows:
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Sukuk Details |
|
|
Issuance type |
Tranche 1 of SAR-denominated AT1 sukuk |
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Value |
SAR 4 bln |
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Total number of sukuk |
4,000 |
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Par value per sak |
SAR 1 mln |
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Yield of sukuk |
SAIBOR for a 3-month period + 1.25%, variable annual rate paid quarterly, starting on Oct. 31, 2023. |
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Maturity |
Continuous (no specific maturity date) with defined redemption rights per the prospectus. |
In a statement on Tadawul today, the bank noted that sukuk can be redeemed under certain conditions, as detailed in the core prospectus dated Oct. 11, 2023, and the final terms applied.
Earlier this month, Alawwal Bank announced its plan to issue AT1 sukuk through a special offering within Saudi Arabia as part of its program for such sukuk, according to Argaam’s data.
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