Al-Rajhi Bank starts offering sukuk from the first denominated tranche in riyals

Today, Monday, Al-Rajhi Bank announced the start of offering the first tranche of sukuk denominated in Saudi riyals.

The bank said in a statement to Saudi Tadawul that the value and terms of the sukuk offer will be determined in based on market conditions.

The offer will start from 3 to 26 January 2022. The bank has appointed Al Rajhi Capital as lead manager and subscription bookrunner.

Al-Rajhi Bank added that the target group of the issue are qualified institutional investors in compliance with the securities offering rules and ongoing obligations issued by the Capital Market Authority.

The minimum subscription amount is one million riyals and the price and yield of the offer are determined in based on market conditions. With a face value of one million riyals, there is no expiration date.

The bank can redeem the sukuk in some cases, as detailed in the sukuk offer document.

Al-Rajhi Bank had announced its intention to issue the first tranche called sukuk in Saudi riyals, through a private placement within Saudi Arabia to support the capital base.

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