Saudi Investment Bank announces redemption of the issued Subordinated (Tier 2)
| Element List | Explanation |
|---|---|
| Introduction | The Saudi Investment Bank (SAIB) announces its intention of early redemption of its SAR 2 billion Tier 2 Sukuk on 5th June 2019, in full, at face value.
The Sukuk were issued on the 5th of June 2014, for an amount of SAR 2 billion, qualifying as Tier 2 subordinated debt in accordance with the Basel II.5/III framework. Where the original maturity date for the Sukuk is 5th June 2024, SAIB intends to redeem the Sukuk at the optional dissolution date of 5th June 2019, where the face value of the Sukuk and any periodic (profit) distribution amount payable (for the period ending 5th June 2019) will be transferred to Sukukholders' accounts at this date (if this date is not a Business Day, the payment shall be made on the following Business Day), based on their respective holdings as of 22nd May 2019 (start of the Sukuk trading suspension period). The required regulatory approval has been obtained in this regard |
| Issuing type | Subordinated (Tier 2) |
| Amount of redeemed (bonds/sukuk) | SAR 2 Billion |
| Percentage of redeemed (bonds/sukuk) from total issued (bonds/sukuk) | 100 % |
| Number of redeemed (bonds/sukuk) | 2,000 Sak |
| Issue date | 2014-06-05 Corresponding to 1435-08-07 |
| Expiry date | 2024-06-05 Corresponding to 1445-11-28 |
| Face value of the sukuk at redemption | SAR 1,000,000 per Sak |
| Total issuance value after redemption | SAR 0 |
| Date of depositing the amounts in the (bonds/sukuk) holders accounts | 05-06-2019G corresponding to 02-10-1440H (if this date is not a Business Day, the payment shall be made on the next following Business Day) |
| Name of the entity responsible for the deposit and communication methods. | Riyad Bank (Payment Administrator)
Riyad Capital (Sukukholders’ Agent) |
| Additional Information | Further information in this regard may be obtained from the Payment Administrator or the Sukukholders’ Agent at tel no. 011-486 5648 |
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