‎“Saudi Investment Bank” issues Tier 1 sukuk denominated in ‎riyals

The Saudi Investment Bank announced the start of offering the second issuance of Tier 1 sukuk denominated in Saudi riyals, where the value of the offering and the number of sukuk will be determined based on market conditions.

The bank said in a statement today on “Tadawul” that the start date of the offering today is Tuesday 07-09-1444 corresponding to 01-31-2023, while the end date of the offering will be 07-14-1444 corresponding to 02-05-2023 .

It explained that the target group of the issuance is institutional and qualified investors in accordance with the rules for offering securities and continuing obligations issued by the Capital Market Authority.

The bank added that the investment company for securities and brokerage has been appointed as the subscription manager and the subscription registry manager for the potential offering.

The bank confirmed that the minimum subscription is 1,000,000 riyals, and that the nominal value is 1,000,000 riyals, as the maturity period of the (sukuk / bond) will be continuous (without a maturity date) with redemption rights in accordance with the terms and conditions of the sukuk. While the offering price (sukuk / bond) and return (sukuk / bond) will be determined according to market conditions.

The sukuk will be continuous and accordingly the sukuk will not have a specific or final maturity date. However, the bank may redeem the sukuk in certain cases as indicated in the terms and conditions of the sukuk.

This comes with reference to the announcement of The Saudi Investment Bank (“the Bank”) published on the Saudi Stock Exchange (Tadawul) website on 07/02/1444 AH (corresponding to 01/24/2023 AD).