BSF gears up for a USD-denominated sukuk issuance: Banque Saudi Fransi (BSF) is planning to debut a USD-denominated sukuk issuance, the lender said in a disclosure to Tadawul yesterday. There’s still no publicly available information about the size and terms of the potential transaction.

What we know: The issuance will be made available for subscription to local and international investors through a special purpose vehicle with proceeds earmarked to support the lender’s Islamic finance business.

ADVISORS- BSF has hired Citigroup Global Markets, Emirates NBD Bank, HSBC Bank, Merrill Lynch International, Mizuho International, and Saudi Fransi Capital as joint lead managers on the transaction.

Not the first: The potential issuance will be part of the lender’s USD 4 bn trust certificate issuance program, rated A- by S&P global. Last year, BSF closed a USD 900 mn RegS senior unsecured sukuk issuance that was 3x oversubscribed. The London-listed issuance offered an annual yield of 4.75% with a five-year maturity.

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