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Al Rajhi Banking and Investment Corp. has launched a USD-denominated $500 million five-year sukuk offering, with spread set at Treasuries plus 95 basis points, tightened from initial price thoughts (IPTs) in the T+125 area.
The order book hit $1.20 billion, excluding joint lead manager demand.
Proceeds from the senior, unsecured wakala sukuk will be used for general corporate purposes.
Al Rajhi Sukuk Ltd. is the issuer and trustee, while Al Rajhi Bank is the obligor.
(Writing by Brinda Darasha; editing by Seban Scaria)
