Saudi Awwal Bank began offering Tier 1 capital sukuk domestically with a minimum subscription of SAR1mn, with the offering period running until July 17, Al Eqtisadiah reported on July 8.
The bank said in a statement on Tadawul that it aims to strengthen and support its capital base to achieve long-term objectives. The offering size will be determined later based on market conditions.
Saudi Awwal Bank appointed HSBC Saudi Arabia as sole issue manager for the sukuk offering and issuance.
The sukuk will be perpetual with no specific or final maturity date, but can be redeemed early under certain conditions as detailed in the offering prospectus and applicable terms.
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