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BSF to issue SAR-denominated additional Tier 1 sukuk
Banque Saudi Fransi (BSF) announced it started to issue a SAR-denominated additional Tier 1 sukuk under its SAR 8 billion Additional Tier 1 Capital Sukuk Program via a private placement in Saudi Arabia, according to a Tadawul statement.
The number and value of sukuk to be offered will be determined based on market conditions.
| Details | |
| Offer Type | SAR-denominated additional Tier 1 sukuk |
| Offer Value | To be determined based on market conditions
|
| Offering Start Date | Aug. 13, 2024 |
| Offering End Date | Aug. 26, 2024 |
| Targeted Class | Institutional and qualified investors in accordance with the rules and continuing obligations issued by the Capital Market Authority (CMA). |
| Issuance Manager | Saudi Fransi Capital as sole bookrunner, lead arranger and lead manager for the private placement.
|
| Minimum Subscription | SAR 1 mln |
| Offering Price | Subject to market conditions |
| Nominal Value | SAR 1 mln |
| Return of Sukuk/bonds | Subject to market conditions |
| Maturity | Perpetual, no specified maturity |
| Terms of Redemption | Sukuk may be redeemed early due to a material event, tax or at the option of the bank as described in the applicable terms. |
The bank will announce any other relevant material developments to its shareholders in due course as required by the relevant rules and regulations.
Banque Saudi Fransi (BSF) announced, on Aug. 12, plans to issue a SAR-denominated additional Tier 1 sukuk under its SAR 8 billion Additional Tier 1 Capital Sukuk Program via a private placement in Saudi Arabia, data compiled by Argaam showed.
source: argaam
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