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Saudi Arabia’s Raya Financing Company, rated BBB- (Sau) by Fitch, has raised 300 million riyals ($80 million) through the issuance of an Additional Tier 1 Capital sukuk, with an 8.5% coupon, payable quarterly.
The perpetual sukuk is callable after five years, and on each subsequent periodic distribution date if not redeemed on the first call date.
The issuance comes under Raya’s SAR 500 million AT1 Capital Sukuk Programme.
Impact46 is the financial advisor and sole arranger.
The sukuk is listed on the Saudi Exchange (Tadawul).
(Writing by Bindu Rai, editing by Brinda Darasha)
