Bank Albilad Issues SAR 3 Billion Tier-2 Sukuk Via Private Placement
April 19, 2021
According to a filing on the Saudi Stock Exchange (Tadawul), on the 15th of April 2021, Saudi Arabia-based Bank Albilad has completed a Sukuk issuance amounting to SAR 3 billion via private placement. The 3,000 Sukuk were offered at a value of SAR 1 million each and were domesticated SAR-denominated Tier-2 Sukuk. This Sukuk pay out a three-month SAIBOR return of 165 basis points.
Why it Matters?
The proceeds of this Sukuk issuance are to be used to expand Bank Albilad’s capital base and to expand its banking and finance activities.
Details
The bank mandated Albilad Capital as the sole arranger and dealer for this issuance. This 10-year Sukuk are callable at year five, subject to the terms and conditions tied...