Saudi Investment Bank Completes SAR 2 Billion Sukuk Issuance to Meet Financial Needs
June 30, 2022
The Saudi Investment Bank (SAIB) has completed a private placement of Saudi Riyals denominated Tier 1 Sukuk worth SAR 2 billion (USD 533 million), to meet its financial demands, as per a filing to the Saudi Stock Exchange (Tadawul).
Why it Matters?
The Sukuk has a perpetual maturity and a 6% return rate that will be paid from the date of issue until the 29th of June 2027, at which point it will reset. The offering included 2,000 total Sukuk at an SAR 1,000,000 par value.
DetailsThe lead manager and bookrunner for the offering was Alistithmar Capital. From the 21st to the 28th of June 2022, SAIB offered SAR 1 million (USD 266,499) SAR-denominated Tier 1 Sukuk. In May 2022, SAIB's Long-Term Issuer Default Rating (I...