Commentary & Deal Flow

Launched:
5yr: US$1.25bn @ T+70bp - Books > US$6bn (excl. JLM)
10yr: US$2bn @ T+80bp - Books > US$7.5bn (excl. JLM)
Spread set at: 5yr: T+70bp - Books > US$7.0bn (excl. JLM) 10yr: T+80bp - Books > US$8.0bn (excl. JLM)
Book Update: Combined books in excess of US$12bn (excl. JLM)
IPTs: 5yr: T+100a 10yr: T+110a

• Sukuk Trustee: KSA Ijarah Sukuk Limited
• Sukuk Trustee LEI: 558600OCHJOSSXHWLV71
• Sukuk Seller and Lessee: The Kingdom of Saudi Arabia (the “Kingdom”) acting through the Ministry of Finance
• Sukuk Seller and Lessee LEI: 635400FMICXSM3SI3H65
• Obligor ratings: Aa3 (Stable) / A+ (Stable) (Moody's/Fitch)
• Expected Issue Ratings: Aa3 / A+ (Moody's/Fitch)
• Format: 144A / 3(c)(7) / Reg S (Category 2) under Trust Certificate Issuance Programme
• Status: Senior, Unsecured Trust Certificates
• Sukuk Structure: Ijarah
• Pricing: 01-Sep-26
• Settlement: 09-Sep-26 (T+5)
• Maturity:
  • 5yr: 09-Sep-31
  • 10yr: 09-Sep-36
• Size:
  • 5yr: US$1.25bn
  • 10yr: US$2bn
• Benchmark:
  • 5yr: UST 4 3/8 31-Aug-31
  • 10yr: UST 4 5/8 15-Aug-36
• Billing & Delivery:
  • 5yr: HSBC
  • 10yr: Standard Chartered Bank
• Coupon: FXD SA 30/360
• Denominations: US$200k+1k
• Listing: London Stock Exchange’s Main Market
• Governing Law: English Law, Saudi Arabian Law
• Use of Proceeds: General domestic budgetary purposes
• Global Coordinators & Joint Bookrunners: Citi, Goldman Sachs International, HSBC, J.P. Morgan and Standard Chartered Bank
• Passive Joint Lead Managers: Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Fubon Bank, ING, Intesa Sanpaolo, Aljazira Capital and Société Générale
• Timing: Global books open, today's business
• Books Subject: 12:00 NYC / 17:00 UKT / 19:00 KSA / 00:00 HKT
• Stabilisation: FCA / ICMA stabilisation applies