Saudi Arabia's Riyad Bank has privately placed riyal-denominated additional Tier 1 sukuk for a value of SAR3.75 billion at 5.25% yield. 

In a statement to the Saudi Stock Exchange (Tadawul) on Wednesday, the bank said the perpetual sukuk will be utilised to strengthen its capital base in accordance with Basel III framework.

The bank sold 15,000 bonds for a par value of SAR250,000.

(Writing by Brinda Darasha; editing by Seban Scaria)