Riyad Bank Prepares for Potential US Dollar-Denominated Tier 1 Capital Sukuk Sale

Saudi-based Riyad Bank has stated that it plans for the issuance of US Dollar-Denominated Tier 1 Capital Sukuk with an undetermined value, according to a filing on the Saudi Stock Exchange (Tadawul).

Why it Matters?

The purpose of the offer is for the improvement of Riyad Bank’s capital base and fulfilment of its financial and strategic needs. The issuance is expected to take place via a special purpose vehicle (SPV) and by way of an offer to eligible investors in Saudi Arabia and abroad.

Details

The offer will be subject to approval from regulatory authorities as has been approved by the bank’s board of directors on the 27th of December 2021.THSBC, Standard Chartered Bank, and Riyad Capital have been appoint...