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The Riyadh-based Saudi Awwal Bank (SAB) has completed the sale of its riyal-denominated Additional Tier 1 sukuk by way of private placement.
The first tranche of 3.65 billion riyals ($973.3 million) has a return of 6.07%, while the second tranche of SAR 350 million is at a floating rate of 3-month SAIBOR + 1.34%, payable on a quarterly basis.
The bank is rated A2 with stable outlook by Moody’s and BBB+ and a stable outlook by Fitch Ratings.
It posted a net profit of SAR 1.88 billion for Q3 2024, 3% higher year-on-year.
(Writing by Brinda Darasha; editing by Bindu Rai)
