Saudi Hollandi Bank Closes First Private Company Sukuk

Saudi Hollandi Bank and Taajeer Company have announced the successful closing of Taajeer’s debut Islamic sukuk issue.

Significantly, the closing marked the first time that a private company has issued an Islamic sukuk in the Saudi market.

Saudi Hollandi Bank served as sole lead manager and book runner for the sukuk, which attracted 50 percent more subscriptions than Taajeer had decided to raise. The sukuk is based on a floating rate note with a tenure of five years.