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SABB announces 1st local Sukuk issuance

SABB announces 1st local Sukuk issuance
The issuance will target experienced investors residing in Saudi Arabia
SABB
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Riyadh -Mubasher: The Saudi British Bank (SABB) announced on Monday the first offering of Tier II SAR denominated Sukuk for private placement under its newly-established local Sukuk programme.

The issuance size shall be determined as per market conditions, according to a stock exchange filing on Monday.

Moreover, the issuance will start on 6 July and end on 28 July and will target experienced investors residing in Saudi Arabia. The underwriter of the issuance is HSBC Saudi Arabia.

Furthermore, the minimum subscription value, the listing price, and the par value will amount to SAR 1 million each. The Sukuk return will be based on the current lending price, SAIBOR, for six months besides a profit margin that will be determined later.

The Sukuk will be matured in 10 years, callable at five years, subject to market conditions.