Major Saudi lender Banque Saudi Fransi (BSF) has raised SAR 2.5 billion ($666.6 million) in its latest sukuk offering.

The Saudi riyal-denominated Additional Tier 1 (AT1) sukuk, offering a 6.4 % return per year, included 2,500 bonds with a par value of SAR 1 million.

The sukuk, offered via a private placement, is part of the bank’s SAR 8 billion Additional Tier 1 Capital Sukuk Programme.

The special Sharia-compliant certificates are perpetual instruments with no fixed maturity date. They are subject to early redemption on a call date or as otherwise specified in the terms and conditions.

Saudi Fransi Capital acted as sole bookrunner, lead arranger and lead manager for the private placement offer.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)