SAB plans to issue SAR-denominated Additional Tier 1 Sukuk

Saudi Awwal Bank (SAB) plans to issue a SAR- denominated additional Tier 1 Sukuk through a private placement in Saudi Arabia, aligning with its SAR 20 billion additional Tier 1 Sukuk issuance program, according to a statement to Tadawul.

The bank mandated HSBC Saudi Arabia as sole lead manager for the issue.

The value and terms of the sukuk issue will be determined at a later stage based on market conditions at that time. The sukuk issue will be directed to boost the bank’s capital base while enabling it to achieve long-term strategic objectives.

The proposed offer will be subject to the approval of the relevant regulatory authorities and will be in compliance with applicable laws and regulations.