Saudi Awwal Bank (A1 / A-) has mandated banks to arrange through private placement, a Reg S debut USD benchmark-sized green sukuk under its $5 billion additional tier 1 (AT1) capital certificate programme. 

IPTs for the mudaraba sukuk are in the 6.875% area.

BofA Securities and HSBC Bank have been named global coordinators and joint lead managers for the proposed issuance. HSBC will be the sole green structurer of the sukuk.

The proceeds will support the lender’s capital base and general corporate purposes.

The sukuk will be listed on the London Stock Exchange’s International Securities Market.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)