Chicago, March 6 – Al Rajhi Sukuk Ltd. priced a $1 billion senior sustainable sukuk offering with a five-year tenor (A1//A-) on Tuesday, according to a market source.
The certificates will have a 5.047% distribution rate.
Pricing was at par. The spread was 90 basis points to Treasuries. Initial talk was in the 120 bps area.
Standard Chartered Bank (billing and delivery), Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Rajhi Capital Co., Citigroup Global Markets Ltd., Dubai Islamic Bank PJSC, Emirates NBD Capital, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank plc, KFH Capital Investment Co. KSCC, SMBC Nikko Capital Markets Ltd. and Societe Generale were the listed joint lead managers and joint bookrunners.
The order book went over $2.8 billion.
Proceeds will be used to finance or refinance eligible sustainable projects.
The listing will be in London.
The obligor is Al Rajhi Banking and Investment Corp.
Al Rajhi Bank is a Saudi Arabia-based bank.
| Issuer: | Al Rajhi Sukuk Ltd.
|
| Obligor: | Al Rajhi Banking and Investment Corp.
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| Amount: | $1 billion
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| Issue: | Senior sustainable sukuk
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| Maturity: | March 12, 2029
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| Bookrunners: | Standard Chartered Bank (billing and delivery), Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Rajhi Capital Co., Citigroup Global Markets Ltd., Dubai Islamic Bank PJSC, Emirates NBD Capital, First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank plc, KFH Capital Investment Co. KSCC, SMBC Nikko Capital Markets Ltd. and Societe Generale
|
| Sustainability structurer: | Standard Chartered
|
| Profit rate: | 5.047%
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| Price: | Par
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| Yield: | 5.047%
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| Spread: | Treasuries plus 90 bps
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| Trade date: | March 5
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| Settlement date: | March 12
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| Ratings: | Moody’s: A1
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| Fitch: A-
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 120 bps area
|
| ISIN: | XS2761205900
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