Bank Albilad completes issuance of SAR 3 bln Tier 2 sukuk

Bank Albilad completed today, April 15, 2021, the issuance of a domestic SAR-denominated Tier-2 sukuk, worth SAR 3 billion, through private placement.

The total number of sukuk reached 3,000 at a par value of SAR 1 million each, the bank said in a bourse filing.

The 10-year sukuk are callable in the fifth year, subject to the terms and conditions of the issuance. The sukuk pay a of three-month SAIBOR return of 165 basis points.

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.