completes

RIYADH: Al Rajhi Bank has completed a $600 million Tier 2 social sukuk offering, with the 10.5-year certificates carrying an annual return of 6.23 percent. 

Settlement is scheduled for Sept. 10, according to the bank’s Saudi Exchange filing. 

The latest offering comprises 3,000 trust certificates, each with a par value of $200,000. The instruments are callable after 5.25 years. 

The transaction marks the Saudi lender’s second international Tier 2 social sukuk issuance, following a $1 billion offering completed in September 2025. 

The issuance comes as Saudi banks increasingly tap international debt markets to diversify their funding sources and bolster regulatory capital, while strong credit growth and the kingdom’s economic transformation continue to drive demand for financing. 

“The Trust Certificates may be redeemed in certain cases as detailed in the offering circular in relation to the Trust Certificates,” the statement said. 

The certificates will be listed on the London Stock Exchange’s International Securities Market and may be sold in reliance on Regulation S under the US Securities Act of 1933. 

The offering was directed at eligible investors in Saudi Arabia and international markets. Al Rajhi Bank announced its intention to issue the certificates and commenced the offering on Sept. 3. 

Al Rajhi Capital, Arqaam Capital, Banco Bilbao Vizcaya Argentaria and Citigroup were among the joint lead managers and bookrunners for the offering. Intesa Sanpaolo’s London branch, Morgan Stanley, SMBC Bank International, Standard Chartered and Warba Bank also held the role. 

Previous issuance  

Al Rajhi Bank’s $1 billion Tier 2 social sukuk issued in September 2025 marked its first Tier 2 transaction in international debt markets, according to the lender’s 2026 allocation and impact report.  

That issuance carried a 5.65 percent annual return, had a 10.5-year maturity and was callable after five years. It was also listed on the London Stock Exchange’s International Securities Market.  

The bank said the earlier instrument was issued under its sustainable finance framework and structured to support capital adequacy while advancing social objectives.  

The latest transaction follows a 14.2 percent annual increase in Al Rajhi Bank’s first-half net profit to SR13.76 billion ($3.67 billion), according to a separate Saudi Exchange disclosure.  

The lender reported assets of SR1.05 trillion at the end of June, while its financing portfolio reached SR762.1 billion and customer deposits stood at SR688.4 billion.  

DETROIT — Dodgers two-way player Shohei Ohtani threw a bullpen Friday at Comerica Park before the team opened a three-game series against the Tigers, as scheduled. But it was not immediately clear if it put him in line to start Sunday.

“I really don’t know what to make of it because I didn’t put eyes on it,” manager Dave Roberts said before the game. “Obviously I’ve got to talk to Shohei, talk to [pitching coach Mark Prior] and then we’ll make a decision for Sunday. But again I have to have that conversation.”

Ohtani threw about 20 pitches in the side session, which Roberts noted was “short,” but he said he hadn’t had any expectations for pitch counts.

Ohtani’s between-start side sessions are usually closer to 30 pitches, but that alone isn’t necessarily a reason to sound the alarm, especially without a clearer picture of the initial plan for Friday’s session. The Dodgers will continue to monitor Ohtani’s recovery as well.

Ohtani had last thrown off the mound six days prior, in a live batting practice session last Saturday.

If he does start Sunday, it will likely be one inning in front of right-hander Tyler Glasnow, Roberts said.

Ohtani hasn’t pitched in a game since July 3 against the Padres, managing swelling and discomfort in his left knee.

Barring a setback, the schedule allows for Ohtani to make five starts on at least five days’ rest before the end of the season.

Glasnow, who threw five innings and 89 pitches on Tuesday in his first start back from the injured list, is scheduled to start on regular rest Sunday.

“Glas felt good going on regular,” Roberts said when asked why the Dodgers didn’t push his start to Tuesday, “and also looking at the calendar and where other guys line up.”