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Saudi Arabia’s Bidaya Finance will list the first tranche of its SAR 1 billion sukuk ($266.7 million) on the Saudi Exchange (Tadawul) next week, marking its debut into the Kingdom’s public debt market.
The SAR 200 million issuance will commence trading in the Sukuk and Bonds Market of the Saudi bourse starting March 29 under the trading symbol 5025 and ISIN Code SA16HG0IEGJ0.
The real estate finance company, backed by the Public Investment Fund (PIF), earlier completed the subscription of its maiden issuance, offering an annual yield of 7.1% for three years. The offering drew interest from institutional and individual retail investors.
Last year, Bidaya obtained the approval from the Capital Market Authority (CMA) to offer debt instruments under its 5-year sukuk programme with a total value of up to SAR 1 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
