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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