Al Rajhi Bank’s SR10 billion ($2.7 billion) riyal-denominated tier-1 sukuk deal in November 2022 pushed the envelope on what was effectively the IPO of a sukuk.
In the five weeks it took Al Rajhi to complete the deal – following a quick approval by the Saudi Capital Market Authority – the bank solicited strong demand from institutional accounts. The final deal achieved a roughly 300% coverage rate, with bids from more than 125,000 investors.
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