Saudi Arabia's al Rajhi Bank intends to issue a US dollar denominated sustainable sukuk under the international sukuk programme it had set up in April 2022.

The amount and terms of offer of the Islamic bond will be determined subject to the market conditions, the lender said in a regulatory disclosure on Tadawul on Monday

The issuance will meet the bank’s financial and strategic objectives as per its Sustainable Finance Framework.

The offering, open to eligible investors in Saudi Arabia and internationally, is expected to be facilitated through a special purpose vehicle.

The bank has mandated Al Rajhi Capital Company, Citigroup Global Markets Limited, Emirates NBD Bank PJSC, Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, KFH Capital Investment Company K.S.C.C. and Standard Chartered Bank as joint lead managers and bookrunners in relation to the proposed issuance.

(Writing by Brinda Darasha; editing by Cleofe Maceda)