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Saudi Investment Bank (SAIB), rated A- (Stable) by Fitch and BBB+ (Stable) by S&P Global, has launched its SAR 1.85 billion ($493 million) perpetual Additional Tier 1 sukuk issuance through a private placement, with a yield set at 6.5%.
The SAR-denominated issuance has a per annum fixed rate, payable semi-annually.
The issuance falls under SAIB’s SAR 5 billion ($1.33 billion) sukuk issuance programme.
Alistithmar for Financial Securities and Brokerage Company and Al Rajhi Capital are handling the placement as joint lead managers and bookrunners.
(Writing by Bindu Rai, editing by Daniel Luiz)
