SAB Completes Offering of Additional Capital Sukuk in Riyals

Saudi Awwal Bank (SAB) (the “Bank”) announced on Thursday the completion of the offer of a fixed rate Sukuk tranche (the “First Tranche”) and a floating rate Sukuk tranche (the “Second Tranche”), indicating that the Sukuk issuance will be settled today, Thursday.

The bank’s management stated in a statement today on “Tadawul” that the value of the offer is the First Tranche: 3.65 billion riyals, and the Second Tranche: 350 million riyals, while the total number (of sukuk/bonds) will be the First Tranche: 3,650 Sak, and the Second Tranche: 350 Sak.

It added that the nominal value (of the sukuk/bond) is one million riyals, and the return (of the sukuk/bond) the First Tranche: 6.07% (per year), and the Second Tranche: SAIBOR for 3 months + 1.34% floating rate payable on a quarterly basis, starting from the settlement date today, Thursday.

The sukuk will be perpetual and therefore have no specific or final maturity date. However, the Sukuk may be redeemed early in certain cases as detailed in the Basic Prospectus, the Supplementary Prospectus and the applicable Final Terms of the Sukuk.

This is in reference to the announcement by the Saudi First Bank published on the Saudi Stock Exchange website on Nov. 27, 2024 of the commencement of the offering of Additional Tier 1 Capital Sukuk denominated in Saudi Riyals (“the Sukuk”) through a private offering in the Kingdom under its programme to issue Additional Tier 1 Capital Sukuk denominated in Saudi Riyals.