Al Rajhi Bank hires advisors for five-year sustainable sukuk

Al Rajhi Bank set to issue sustainable sukuk: Al Rajhi Bank plans to issue USD-denominated sustainable sukuk, it said in a disclosure to Tadawul yesterday. It did not disclose details about the size and terms of the issuance, but a document seen by Reuters sees the lender selling a benchmark-sized five-year sustainable sukuk under its USD 4 bn Trust Certificate Issuance Programme

Details are still scant: The issuance will be made available for subscription to eligible investors locally and internationally through a special purpose vehicle with proceeds earmarked to support the bank’s financial and strategic objectives in line with its sustainable finance framework.

ADVISORS- 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, Société Générale and Standard Chartered Bank.