Saudi Al Rajhi sustainable sukuk offer commences: Al Rajhi Bank — Saudi Arabia's second-largest lender by assets — has announced the kickoff of its five-year USD-denominated sustainable sukuk offer on the London Stock Exchange, according to a disclosure to Tadawul. The size and terms of value of the Islamic bond issuance will be determined subject to the market conditions and will be issued under the bank’s international sukuk program, the statement notes.

Here’s what we know: The Saudi lender is set to raise USD 1 bn with five-year sustainable Islamic bonds with an initial price guidance of c. 110 basis points over US Treasuries for its sukuk, Reuters reports, citing a document from one of the banks arranging the issuance.

Advisors: Al Rajhi Capital Company, Citigroup, Emirates NBD Bank, Goldman Sachs, HSBC, JPMorgan Securities, KFH Capital, and Standard Chartered Bank were appointed as joint lead managers and bookrunners for the issuance.