{"id":82868,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/07\/saudi-arabias-al-rajhi-raises-usd-1-bn-from-5-year-sustainable-sukuk-sale\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"saudi-arabias-al-rajhi-raises-usd-1-bn-from-5-year-sustainable-sukuk-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/07\/saudi-arabias-al-rajhi-raises-usd-1-bn-from-5-year-sustainable-sukuk-sale\/","title":{"rendered":"Saudi Arabia\u2019s Al Rajhi raises USD 1 bn from 5-year sustainable sukuk sale"},"content":{"rendered":"

<\/strong>KSA\u2019s Al Rajhi Bank has closed USD 1 bn from its <\/strong>USD-denominated sustainable sukuk offering<\/strong>, it said in a disclosure to Tadawul<\/a>. This is the first time that the leading Islamic lender tapped the debt market this year.<\/p>\n

Breaking it down:<\/strong> It sold a total number of 5k bonds at a par value of USD 200k each, according to the disclosure. A document seen by Reuters<\/a> showed the bank selling the sukuk at 90 bps over benchmark US Treasuries, tighter than an initial price guidance of 120 bps. The sukuk sale saw orders topping USD 2.8 bn.<\/p>\n

Where the funds are going:<\/strong> Proceeds will be earmarked to support the bank\u2019s financial and strategic objectives in line with its sustainable finance framework, it said in an earlier this week<\/a>.<\/p>\n

ADVISORS- <\/strong>Al Rajhi Bank hired our friends at HSBC, along with Al Rajhi Capital, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup Global Markets, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank as joint lead managers and bookrunners for the transaction. Its advisors list also includes Goldman Sachs, KFH Capital Investment, SMBC Capital Markets, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and Standard Chartered Bank.<\/p>\n

IN OTHER GREEN FINANCE NEWS- <\/strong>Green<\/strong> bond issuances surge in the region:<\/strong> The total value of green bond issuances in the Arab region increased 40% y-o-y reaching USD 6.8 bn, Wam<\/a> writes, citing comments by the Arab Monetary Fund AMF's Director Fahad bin Mohammed Al-Turki at the third meeting of the Arab Green & Sustainable Finance Network<\/a> in Abu Dhabi. UAE and Saudi Arabia account for over 90% of the total green bond issuances.The network is a platform for exchanging experiences in sustainable finance to support the development of green and sustainable finances, products, and services in Arab countries, as well as raise awareness about sustainable finance issues and managing climate change risks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Order book value was at USD 2.8 bn<\/p>\n","protected":false},"author":1,"featured_media":82869,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,11,153,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseclimate","tag-green-sukuk","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"f20a300f-1d96-436d-b13b-8f20933d0d63","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/554.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi 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