Riyad Bank starts offering Tier 2 Sukuk

The amount of the issue and number of Sukuk will be determined as per market conditions

  
Saudi currency, riyal, is seen at a local currency exchange in Manama, Bahrain October 16, 2018. Image used for illustrative purpose

Saudi currency, riyal, is seen at a local currency exchange in Manama, Bahrain October 16, 2018. Image used for illustrative purpose

REUTERS/ Hamad I Mohammed
Riyadh – Mubasher: Riyad Bank began on Wednesday offering SAR-denominated Tier 2 capital-eligible Sukuk by way of a private placement in Saudi Arabia.

The amount of the issue and number of Sukuk will be determined as per market conditions, according to a statement to the Saudi Stock Exchange (Tadawul).

The offering end date is 9 February 2021. Each of the minimum subscription value, Sukuk offer price, and Sukuk par value amounts to SAR 1 million.

Moreover, the Sukuk has a maturity period of 10 years callable at year 5, subject to the terms and conditions of the Sukuk.

On Tuesday, the bank said it plans to set up a domestic SAR-denominated Sukuk issuance programme of up to SAR 10 billion and issue senior and/or subordinated Sukuk including the issuance of Tier 2 capital-eligible Sukuk.

Source: Mubasher

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