In early February this year, the bank announced the establishment of a program to issue primary and secondary bonds and sukuk inside and outside the Kingdom of Saudi Arabia and its intention to offer the first issuance of sukuk under the program, and in accordance with the The provisions determined by the bank and according to the market conditions.
The bank explained in a statement to the Saudi market (Tadawul) today, Tuesday, that the value of the offering is determined according to the conditions in the market, indicating that the beginning of the offering is from today while the end is starting from the day Tomorrow Wednesday.
The bank said that the target group of the issuance are experienced investors as defined in Article 9 of the rules for offering securities and ongoing obligations.
As for the issuance department, GB Morgan, Riyad Capital, Standard Chartered Bank, HSBC and First Abu Dhabi Bank.
The minimum subscription is $ 200,000 plus multiples of no less than $ 1,000, knowing that the face value is $ 200,000.
The maturity of the sukuk advertised is 10 years.
The bonds may be redeemed early before the scheduled due date in several cases such as the occurrence of an event affecting the capital, the occurrence of any tax event, and when choosing the bank on the date of the periodic distribution that The passage of 5 or 5 and a half years coincides with the date of sukuk issuance (and this is determined according to market conditions), and in each period of periodic distribution it follows that for each case according to the conditions of the Sukuk issued.
