"The First Saudi Bank" issues permanent green instruments worth $ 650 million

The ‘first Saudi bank’ completed the issuance of permanent green instruments from the first segment located in the US dollar, at a value of $ 650 million, as part of its international program to issue capital tools of up to $ 5 billion, according to a statement on the Saudi Stock Exchange “Tadawul”. The SUKUK, offered by a special process in the local and international markets, has a constant annual return of 6.5%, and is classified as additional capital tools of the first segment, permanently without a deadline, with the early recovery option, according to what was said in the basic and supplementary issues and the final terms of the SUKK. The offer aims to improve and support the bank’s capital base to enable it to achieve its long -term strategic goals, all in accordance with the bank’s sustainable credit frame, according to the statement. SUKUK versions usually attract a stronger demand compared to traditional effects, especially with the increasing requirements for management, social and institutional standards and the deepening of the regional liquidity, according to Bloomberg. Billion versions of the ‘First Saudi’ and ‘The First Saudi’ released in December last year, capital instruments, with a total value of 4 billion Riyals, spread over two SIM cards; The first is with a fixed yield of 6.07% annually at a value of 3.65 billion Riyals, and the second with a variable return linked to the three months, in addition to a 1.34% margin annually at a value of 350 million Riyale. The bank also sold additional capital paintings from the first segment in October 2023, also in Real, with a value of 4 billion Riyale, with a variable return equivalent to SABOR, which is the interest rate indicator offered between Saudi banks, added to a margin of 1.25%, quarterly.