Logo of Bank Albilad

Bank Albilad announced the start of issuance of domestic SAR-denominated Tier 2 sukuk, by way of private placement in Saudi Arabia, from today, April 1, until April 15, 2021.

 

The offer also includes an option for the holders of the previously issued SAR 2 billion sukuk (due in 2026) to change their investment to the new Tier 2 sukuk, subject to the terms and conditions.

 

Issuance Details

Issuance Type

SAR-denominated Tier 2 sukuk

Issuance Value

To be determined based on market conditions

Start Date

April 1, 2021

End Date

April 15, 2021

Targeted Class

Sophisticated investors as per Article 9 of the Rules on the Offer of Securities and Continuing Obligations.

Minimum Subscription Value

SAR 1 mln

Offer Price (Sukuk/Bonds)

SAR 1 mln

Par Value

SAR 1 mln

Return (Sukuk/Bonds)

Three-month SAIBOR, in addition to a margin (to be determined subject to market conditions)

Maturity period (Sukuk/Bonds)

10 years. Callable in fifth year, subject to the terms and conditions of the sukuk

Terms of Redemption

Shall be redeemed on the maturity date. It may be redeemed earlier in certain cases due to a capital disqualification event, a tax event, an event of default, or an issuer call option, each pursuant to terms and conditions of the sukuk

Issuance Manager

Albilad Capital as sole arranger and dealer

 

The offering end date is the expected date, subject to market conditions. The bank will announce any relevant material developments in due course.

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