One of SAIB's branches
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Issuance Details |
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|
Type |
USD-denominated additional Tier 1 sustainable sukuk |
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Value |
$750 mln |
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Start of Issuance |
Nov. 20, 2024 |
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End of Issuance |
Nov. 21, 2024 |
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Target Investors |
Qualified investors in Saudi Arabia and internationally |
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Issuance Manager |
Al-Istithmar Capital, Citigroup Global Markets Ltd, HSBC Bank plc, J.P. Morgan Securities, Goldman Sachs International, MUFG Securities EMEA, Arqaam Capital, and Standard Chartered appointed as issue managers and bookrunners |
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Minimum Subscription Value |
$200,000 and in increments of $1,000 |
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Total Number of Sukuk |
3,750 |
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Par Value |
$200,000 |
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Return |
6.37% |
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Maturity |
Perpetual, callable after 5 years |
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Terms of Redemption |
The Sukuk may be redeemed in certain cases as detailed in the offering circular |
The sukuk will be listed on the London Stock Exchange's International Securities Market (ISM). They will be offered, sold, and delivered outside the United States exclusively through offshore transactions to non-US persons, in accordance with Regulation S of the US Securities Act of 1933, as amended.
According to data available with Argaam, SAIB planned in September to establish a US dollar-denominated Tier I sukuk program, not exceeding $1.5 billion. Further, the bank intended to issue Tier I sukuk under the program through a private placement to qualified investors.
The bank started on Nov. 20 issuing USD-denominated additional Tier 1 sustainable sukuk, under a US dollar-denominated Tier I sukuk program.
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