Saudi Arabia's SABB offers $1.33bln local sukuk

The par value of each bond is $266mln

  
A Saudi man leaves SABB bank as the government eases lockdown restrictions amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 3, 2020.

A Saudi man leaves SABB bank as the government eases lockdown restrictions amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 3, 2020.

REUTERS/Ahmed Yosri

Riyadh -  Saudi British Bank (SABB) has completed the first offering of Tier II SAR-denominated Sukuk for private placement in Saudi Arabia under its local Sukuk programme at a total value of SAR 5 billion.

The total number of Sukuk amounts to 5,000 and the par value of each one is SAR 1 million, according to a stock exchange statement on Thursday.

Moreover, the Sukuk return will be based on the current lending price, SAIBOR, for six months besides a profit margin of 195 basis points (bps).

The Sukuk will mature on 22 July 2030, callable on 22 July 2025.

SABB further appointed HSBC Saudi Arabia as the sole book runner, lead arranger, and lead manager for the Sukuk offering.

Source: Mubasher

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