The Saudi Investment Bank starts issuing the second issue of sukuk

The Saudi Investment Bank announced the launch of the second issuance of the Sukuk Program from the first tranche denominated in Saudi riyals.

The bank said in a statement on “Tadawul Saudi Arabia”, today, that the value of the offering and the number of sukuk will be determined based on market conditions.

The offering begins today, January 31, 2023, and ends on February 5, 2023.

The offering targets institutional and qualified investors in accordance with the rules for offering securities and continuing obligations issued by the Capital Market Authority.

The bank appointed Al-Istithmar Securities and Brokerage Company as the subscription manager and bookrunner for the potential offering.

The minimum subscription is one million riyals, and the nominal value of the sukuk is one million riyals. The price and return of the sukuk are determined according to market conditions.

The sukuk are continuous, and accordingly the sukuk does not have a specific or final maturity date. However, the bank may redeem the sukuk in certain cases as described in the terms and conditions of the sukuk.