{"id":89765,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/18\/saudi-investment-bank-rolls-out-usd-1-5-bn-sukuk-program\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"saudi-investment-bank-rolls-out-usd-1-5-bn-sukuk-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/18\/saudi-investment-bank-rolls-out-usd-1-5-bn-sukuk-program\/","title":{"rendered":"Saudi Investment Bank rolls out USD 1.5 bn sukuk program"},"content":{"rendered":"

Saudi Investment Bank (SIB) is launching a Tier 1 USD-denominated sukuk program to<\/strong> raise up to USD 1.5 bn to fund its core capital<\/strong>, it said in a disclosure to Tadawul<\/a>. SIB plans to issue an undisclosed amount of Tier 1 sukuk as part of the program to qualified investors via private placement. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Details are scarce: <\/strong>The exact value and terms for the offering will be determined later based on market conditions. Raised funds are earmarked to support the bank\u2019s Tier 1 capital and meet \u201cfinancial and strategic needs,\u201d read the disclosure.<\/p>\n

REMEMBER- The Kingdom\u2019s debt market had a blockbuster 1H:<\/strong> Saudi was the largest USD-denominated debt issuer<\/a> among emerging markets (excluding China) and was also the largest in terms of global sukuk issuances in 1H 2024, according to Fitch Ratings. The market is expected to slow down in 2H partly due to Aramco paying out larger dividends, curbing the government\u2019s need to borrow more money.<\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

#1- Saudi Arabia Refineries Company (SARCO) inked an agreement with Riyad Bank for <\/strong>Shariah-compliant facilities worth SAR 500<\/strong>, according to a disclosure to Tadawul<\/a>. The company plans to use this financing for public investments in shares and investment units. The agreement is renewable for up to three years, with the debt backed by Sarco\u2019s investment portfolio.<\/p>\n

#2- Catrion Catering Holding inked a SAR 425 mn Shariah-compliant credit facility<\/strong> agreement with Saudi Awwal Bank<\/strong> through its fully owned subsidiary, Catrion Commercial Laundry, according to a bourse filing<\/a>. The funds will cover costs for the company\u2019s ongoing Red Sea central laundry project, with SAR 407.5 mn earmarked for construction costs and SAR 17.5 mn for VAT during construction. The loan spans 15.5 years, with a 13.5-month grace period, and is secured by promissory notes and company guarantees.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bank will issue an undisclosed amount of sukuk as part of the program via private placement<\/p>\n","protected":false},"author":1,"featured_media":89766,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[2590],"tags":[57,10,3101,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-ksa","tag-saudi-investment-bank-sib","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"ab4a6075-394f-42d1-8869-e37283d4a74d","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1388.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Investment Bank rolls out USD 1.5 bn sukuk program","related_issue":[89752],"teaser":"The bank will issue an undisclosed amount of sukuk as part of the program via private placement","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.e727710a-2b95-442c-a0ce-0a7ce7725ca3.mp3"},"yoast_head":"\nSaudi Investment Bank rolls out USD 1.5 bn sukuk program - 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