SAB plans SAR denominated AT1 Sukuk issuance

01/10/2023 Argaam
Logo of Saudi Awwal Bank (SAB)

Logo of Saudi Awwal Bank (SAB)

Saudi Awwal Bank (SAB) announced plans to issue SAR denominated Tier 1 Sukuk by way of private placement in Saudi Arabia, pursuant to a SAR denominated Additional Tier 1 (AT1) Sukuk issuance program, according to a statement to Tadawul.

 

HSBC Saudi Arabia was mandated as sole arranger and dealer for the purposes of the program establishment, offering and Sukuk issuance.

 

The issuance value will be determined at a later stage based on market conditions at that time.

 

The proposed offer will be subject to the approval of the competent regulatory authorities and will be made in compliance with applicable laws and regulations.

 

Any relevant material developments will be announced in due course based on the relevant rules and regulations, SAB added.

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