The Saudi First Bank announces the completion of the issuance of additional capital sukuk denominated in riyals.

The First Saudi Bank announced in a statement via the Saudi Exchange platform on Thursday that it has completed the issuance of perpetual additional capital sukuk - with no maturity date - denominated in Saudi riyals, which consist of two tranches: the first tranche is fixed-rate sukuk, and the second tranche is variable-rate sukuk.

The value of the offering amounted to 3.650 billion riyals for the first tranche and 350 million riyals for the second tranche. The First Saudi Bank indicated that the total number of sukuk was estimated at 3,650 and 350 sukuk for the first and second tranches, respectively.

Additionally, the First Saudi Bank stated that the nominal value of the sukuk is 1 million riyals, and thus, the yield on the first tranche sukuk is 6.07% annually, while the yield on the second tranche is based on the 3-month LIBOR + 1.34% annual variable rate paid quarterly, starting from the settlement date on Thursday, December 12.

At the close of trading on the Saudi stock exchange today, shares of the First Saudi Bank (TADAWUL: 1060) fell by about 1.07% to end trading at a level of 32.45 riyals per share.