Mar 28 2012
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Saudi SABB sells SAR1.5bn subordinated maiden sukuk
SABB opted for private placement of its five-year, domestic sukuk, which is restricted to sophisticated investors tax-resident in the Kingdom of Saudi Arabia. It pays 120 basis points over three months SIBOR, on a quarterly basis, according to Zawya Sukuk Monitor.
SABB last tapped the bond market in 2010 when it sold a USD 600 million bond, part of a USD 1.6 billion program, in the international markets, according to Zawya Bonds Monitor. Earlier, it sold a USD 325 million bond in 2006, which matured in April 2011.
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