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July 2020
SABB is pleased to announce the successful completion of its SAR 5.0bn Tier II Sukuk. This marks the first transaction of the merged bank in the debt capital market, which was oversubscribed by a broad range of investors, once again confirming SABB’s leading position in the capital markets, and its continued strength and resilience in today’s challenging economic conditions.
The transaction marks the joint largest Tier II issuance by a Saudi bank in history, the largest local issuance by a bank since the introduction of the Kingdom’s national growth agenda under Vision 2030, as well as the largest non-government transaction in the Saudi Arabia debt market since 2018. SABB is proud to support the continued development of the local debt capital markets.
SABB’s Chair, Lubna Olayan, commented: “We are very pleased with the success of the issuance in such a challenging environment and would like to express our thanks to the investor community for their trust and confidence in the SABB franchise. We would also like to express our sincere gratitude for the continued support of the Saudi Arabia Monetary Authority and the Capital Market Authority”.
The structure of the Sukuk was fully compliant with SAMA’s Basel III requirements and was approved by SABB’s Shari’ah committee.
HSBC Saudi Arabia was the sole Programme Arranger, sole Lead Manager and sole Bookrunner for the transaction.
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© SAB, Saudi Arabia. All Rights Reserved, 2024
Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.