Major Saudi lender Banque Saudi Fransi (BSF) has raised SAR 2.5 billion ($666.6 million) in its latest sukuk offering.

The Saudi riyal-denominated Additional Tier 1 (AT1) sukuk, offering a 6.4 % return per year, included 2,500 bonds with a par value of SAR 1 million.

The sukuk, offered via a private placement, is part of the bank’s SAR 8 billion Additional Tier 1 Capital Sukuk Programme.

The special Sharia-compliant certificates are perpetual instruments with no fixed maturity date. They are subject to early redemption on a call date or as otherwise specified in the terms and conditions.

Saudi Fransi Capital acted as sole bookrunner, lead arranger and lead manager for the private placement offer.