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Saudi Arabia’s Riyad Bank, rated A1 by Moody’s, A by S&P, and A- by Fitch (all with a stable outlook), plans to issue dollar-denominated 10-year non-call 5-year Tier 2 sustainable notes.
The resettable fixed rate benchmark issuance has an expected rating of BBB- by S&P, and BBB by Fitch, which will come under Riyad Bank’s existing $5 billion medium-term note programme.
The lender has mandated First Abu Dhabi Bank PJSC, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), DBS Bank Ltd, Emirates NBD Capital, HSBC Bank plc, Merrill Lynch Kingdom of Saudi Arabia, Mizuho International plc, Riyad Capital, SMBC Bank International plc and Standard Chartered Bank as joint lead managers and book runners.
The notes will be listed on the London Stock Exchange’s International Securities Market.
(Writing by Farah Heiba; Edited by Daniel Luiz)
