RIYADH: Al Rajhi Bank has completed the issuance of SR6.5 billion ($1.7 billion) perpetual Tier 1 sukuk bonds denominated in Saudi Riyals through a private placement in the Kingdom. The settlement of the offering will take place on Jan. 23, 2022, the bank said in a bourse filing. A fixed return of 3.5 percent per annum is to be paid to eligible parties until the reset date – five years from the settlement date. The sukuk may be redeemed by the bank in some cases as outlined in the offering circular, Al Rajhi Bank noted. The offer, which started on Jan. 3, is aimed at supporting the bank’s capital base as well as meeting financial and strategic needs.