SAB issues SAR-denominated Tier 1 sukuk

Saudi Awwal Bank (SAB) commenced the issuance of SAR-denominated additional Tier 1 (AT-1) Sukuk with a fixed rate and a floating rate Sukuk tranche, the lender said in a statement on Tadawul.

The amount and terms of Sukuk issuance will be determined based on the market conditions.

Sukuk Issuance Details
Offer Type	SAR-denominated additional Tier 1 Sukuk
Offer Value	To be determined as per market conditions.
Start Date	Nov. 27, 2024
End Date	Dec. 5, 2024
Target Class	Institutional and qualified clients as defined by the Rules on the Offer of Securities and Continuing Obligations issued by the Capital Market Authority.
Lead Manager	HSBC will act as the sole lead manager
Minimum Subscription Limit	SAR 1 mln
Offer Price	Subject to market conditions
Par Value	SAR 1 mln
Sukuk Return	Subject to market conditions
Maturity	Perpetual (without a record date) subject to early redemption on a call date or as otherwise specified in the base offering circular, the supplement base offering circular and the applicable final terms relating to the Sukuk
Terms of Redemption	The Sukuk are perpetual securities and accordingly do not have a fixed or final redemption date. However, the bank may redeem them in certain cases as detailed in the base offering circular, the supplement base offering circular and the applicable final terms relating to the Sukuk.

The offering end date referred to above is the expected date of the end of the offering, subject to market conditions.

This announcement was not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk

SAB will announce any other relevant material developments in due course as required by the relevant rules and regulations.

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