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Al Rajhi Bank concludes $1bn USD-denominated sukuk

Al Rajhi Bank concludes $1bn USD-denominated sukuk
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Riyadh – Mubasher: Al Rajhi Bank has completed the issuance of $1 billion USD-denominated additional tier 1 capital sustainable sukuk.

A total of 5,000 sukuk were sold for $200,000 per each, according to a bourse filing.

The sukuk have no fixed maturity, but they are redeemable after five years.

With a yield of 6.375%, the sukuk are set to be settled on 16 May 2024.

In March, Al Rajhi Bank issued $1 billion USD-denominated Shari’ah-compliant sustainable sukuk.

The Tadawul-listed bank recorded SAR 4.40 billion in net profit during the first quarter (Q1) of 2024, up 6.27% year-on-year (YoY) from SAR 4.14 billion.