PHOTO
Saudi’s Al Rajhi Bank plans to issue a US dollar-denominated additional Tier 1 sustainable sukuk through a special purpose vehicle and by way of an offer to eligible investors the kingdom and internationally.
The amount and terms of offer of the sukuk will be determined subject to the market conditions.
Al Rajhi Bank has mandated Al Rajhi Capital, Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, Dubai Islamic Bank, Emirates NBD Bank, Goldman Sachs International, HSBC Bank, J.P. Morgan Securities, Mashreqbank (acting through its Islamic Banking Division), Morgan Stanley & Co. plc, MUFG Securities EMEA, SMBC Bank International and Standard Chartered Bank as joint lead managers and bookrunners.
The issuance is expected to improve the bank’s Tier 1 capital and fulfil its objectives in accordance with its sustainable finance framework.
The offer of the sukuk will be subject to the approval of relevant regulatory authorities.
(Writing by Bindu Rai, editing by Seban Scaria)
