Issuer: Saudi Awwal Bank
Size: SR4 billion
Structure: Sukuk
Tenor: Perpetual
Bank: HSBC (sole arranger, dealer, sole lead manager, sole bookrunner)
Date: October 2023
Last year witnessed a steep slump in local-currency additional tier-1 activity in Saudi Arabia. According to Fitch, issuance fell to SR4.5 billion ($1.2 billion) in 2023 after a record SR15.6 billion in 2022.
The lion’s share of last year’s issuance is accounted for by Saudi Awwal Bank’s dual-tranche benchmark deal last October.
The SR4 billion deal was SAB’s debut in the AT1 market and incorporated an unusual structure.
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