SAIB starts issuing USD-denominated sukuk

The Saudi Investment Bank (SAIB) started issuing USD-denominated additional Tier 1 sustainable sukuk, according to a Tadawul statement.

 The final issuance value and offering terms will be determined based on market conditions.

The Sukuk will be listed on the London Stock Exchange's International Securities Market (ISM). It may be sold under Regulation S of the US Securities Act of 1933, as amended.

The abovementioned specified end date is an anticipated timeline and may be adjusted based on market conditions.

This announcement is 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.

The bank will announce any other material developments in due course as required by the relevant rules and regulations, the statement added.

Last September, SAIB announced its intention to establish a US dollar-denominated Tier I sukuk program not exceeding $1.5 billion. Further, the bank intends to issue Tier I sukuk under the program through private placement to qualified investors.