Riyadh - Mubasher: Al Rajhi Bank has completed its Tier 2 social sukuk issuance denominated in USD, according to a bourse filing.

The total value of the offering reached $600 million, consisting of 3,000 individual certificates with a par value of $200,000 each.

The bank confirmed that the annual yield for the sukuk is set at 6.23%. The issuance features a maturity period of ten and a half years, with a provision allowing for redemption after five and a half years, subject to specific conditions outlined in the offering documentation.

This international issuance was targeted at qualified investors within and outside Saudi Arabia under the bank's international sukuk program.

Settlement for the transaction is scheduled for 10 September. The instruments are slated for listing on the London Stock Exchange’s International Securities Market and may be sold in accordance with Regulation S of the US Securities Act of 1933.

This follows the initial announcement regarding the commencement of the offering on 3 September.