Saudi Aramco plans to issue US dollar-denominated sukuk under its SA Global Sukuk Limited’s Trust Certificate Issuance Programme, reported Arab News.
Offering’s Schedule
According to a filing on the Tadawul exchange, the sukuk will represent direct, unsubordinated, unsecured obligations of SA Global Sukuk Limited.
The filling also noted that the size of the offering will be determined according to market conditions, while the start date of the offering will be 09-24-2024 and the end date will be 10-02-2024.
Issuance Process
Sukuk’s issuance is subject to approval from regulatory authorities in the relevant jurisdictions.
Moreover, it will be compatible with Rule 144A/Reg S offering requirements under the US Securities Act of 1933, as amended.
Thus, Aramco will be able to target institutional investors in both the US and international markets.
The issuance will follow the stabilization rules of the Financial Conduct Authority and the International Capital Market Association, according to the company.
Active Joint Bookrunners
Aramco has appointed several leading financial institutions as active joint bookrunners for the issuance, including the following entities:
- Al Rajhi Capital
- Citi
- Dubai Islamic Bank
- PJSC
- First Abu Dhabi Bank
- Goldman Sachs International
- HSBC
- J.P. Morgan
- KFH Capital
- Standard Chartered Bank
These entities will hold several fixed-income investor meetings commencing on Sept. 24. The meetings are anticipated to capture the attention of global investors due to Aramco’s strong credit rating and the appeal of sukuk as a Shariah-compliant investment.
Passive Joint Bookrunners
Meanwhile, several other financial institutions have been named passive joint bookrunners, as follows:
- Abu Dhabi Commercial Bank
- PJSC
- Albilad Capital
- Alinma Investment
- BOC International
- Emirates NBD Capital
- Mizuho
- MUFG
- NATIXIS
- Sharjah Islamic Bank
- SMBC Nikko
These entities will ensure the successful placement of the sukuk in numerous international markets.
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