Bank (SABB) has completed the first offering
of Tier II SAR-denominated Sukuk for private placement in Saudi Arabia under
its local Sukuk programme at a total value of SAR 5 billion.
The total number of Sukuk amounts
to 5,000 and the par value of each one is SAR 1 million, according to a stock
exchange statement on Thursday.
Moreover, the Sukuk return will
be based on the current lending price, SAIBOR, for six months besides a profit
margin of 195 basis points (bps).
The Sukuk will mature on 22 July
2030, callable on 22 July 2025.
SABB further appointed HSBC Saudi Arabia as the sole book
runner, lead arranger, and lead manager for the Sukuk offering.