Bank Albilad issues USD-denominated additional Tier 1 sukuk

One of Bank Albilad branches

Bank Albilad started today, May 15, a USD-denominated additional Tier 1 sukuk issuance.

The offering will end on May 16, according to a Tadawul statement. 

This announcement is not intended as an invitation or offer to purchase, acquire, or subscribe to any securities, the bank said, adding that it will announce any other relevant material developments in due course as required by the relevant rules and regulations.

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The sukuk will be offered, sold, and delivered only outside the US in offshore transactions to non-US persons in reliance on Regulation S under the US Securities Act of 1933, as amended.

The offering end date referred to above is the expected end date, subject to market conditions.

According to data available with Argaam, Bank Albilad announced plans, on May 13, to issue additional Tier 1 sukuk denominated in US dollars through a private placement in Saudi Arabia and internationally under its $2 billion Tier 1 sukuk program.