Saudi British Bank Announces First Sukuk Issuance under the Newly Established Local Sukuk Program

Saudi British Bank (SABB) announced on the 6th of July 2020 that it will be offering the first Sukuk under its newly established local Sukuk program at a value not exceeding SAR 5 billion or equivalent. According to a bourse filing with the Saudi Stock Exchange (Tadawul), the issuance size of the Sukuk is to be determined based on market conditions, subject to relevant laws and regulations.

According to Tadawul, the issuance of the SAR-denominated tier-II Sukuk will commence on the 6th of July 2020 and end on the 28th of July 2020, targeting sophisticated investors based in Saudi Arabia. However, SABB noted that the Sukuk offering may end earlier than the aforesaid date, subject to market conditions. HSBC Saudi Arabia ha...