Banque Saudi Fransi (BSF) announced the completion of the offering and subscription of additional Tier 1 Sukuk denominated in Saudi Riyals.
The bank explained, in a statement on Tadawul, today, Wednesday, that 3,000 bonds were issued (based on the minimum category and total issue size), with a nominal value of one million riyals, bringing the value of the offering to 3 billion riyals.
He pointed out that the bonds are continuous, without a maturity date (with the right to redeem on a specific date or as specified in the terms and conditions), with an annual return of 6%.
The Sukuk may be redeemed early upon a capital event, a tax event, or at the Bank’s option as set out in the Final Sukuk Terms and Conditions.
The Bank has appointed Saudi Fransi Capital as sole bookrunner, lead coordinator and lead manager for the private placement.
On August 13, Banque Saudi Fransi announced the start of issuing additional Tier 1 Sukuk denominated in Saudi riyals, as part of the Tier 1 Additional Capital Sukuk Issuance Program (worth 8 billion riyals).
