Riyad Bank Announces Domestic SAR 10 Billion Sukuk Programme; Commences Tier 2 Capital-Eligible Sukuk Offer

Saudi-based Riyad Bank has commenced the offer of SAR-denominated Tier 2 capital-eligible Sukuk (Tier 2 Sukuk), according to a Tadawul statement. The Tier 2 Sukuk is part of Riyad Bank’s domestic SAR-denominated Sukuk issuance programme (Sukuk programme) of up to SAR 10 billion, which was announced by the bank on the 19th of January 2021 in another bourse statement.

According to the Tadawul statement dated 20th of January 2021, the offer period of the Tier 2 Sukuk issuance is between the 20th of January 2021 and the 9th of February 2021. The Tier 2 Sukuk will be conducted through private placement in Saudi Arabia and will target sophisticated investors, with both the amount of the issuance and the number of Tier 2 Sukuk to be determined based on market conditions. The mi...