Banque Saudi Fransi (BSF) said Wednesday it completed the issuance of dollar-denominated Sukuk worth $900 million under its trust certificates issuance program.
The certificates were issued to eligible investors in Saudi and overseas, with a return of 4.75% per annum, the bank said in a disclosure statement to the Saudi Exchange on Wednesday.
The completion of the offer and settlement of the certificate issuance will be on May 31, it added.
The Saudi bank said the certificates, which have a maturity period of five years, may be redeemed before the scheduled maturity date in certain cases as detailed in the Base Offering Circular in relation to the Certificates and the Trust Certificates Issuance Programme.
The certificates will be listed on the London Stock Exchange, but the listing date is yet to be decided.
Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank plc, Mizuho International plc, and Saudi Fransi Capital were joint lead managers for the issue.
As many as 4,500 certificates, with a minimum subscription of $200,000, were issued through a special purpose vehicle, it added.
The bank ranks 14th on Forbes Middle East's 50 Most Valuable Banks in 2023 list and 26th on the Top 100 Listed Companies 2022.
