Advertisement
|09 October, 2018

Saudi Arabia's Riyad Bank to redeem $1bln sukuk

Riyad bank will transfer the redeemed amount, along with any periodic distribution amount, to sukuk-holders accounts on 11 November 2018

Image used for illustrative purpose. An investor holds the tasbeeh as he monitors electronic boards displaying stock information

Image used for illustrative purpose. An investor holds the tasbeeh as he monitors electronic boards displaying stock information

REUTERS/Stringer

Riyadh –   Riyad Bank on Monday said it was planning to redeem its SAR 4 billion sukuk due in 2020.

The redemption will be made “in full, at their face value [which is] 100% of the issue price at their face value at the end of year five, [namely] 11 November 2018,” the bank said in a statement to the Saudi Stock Exchange (Tadawul).

Riyad Bank issued the sukuk on 11 November 2013 for an aggregate value of SAR 45 billion with an original maturity period of seven years, meaning that the sukuk would mature on 11 November 2020, but callable on or nearest to 11 November 2018.

Advertisement

“Regulatory approval has been obtained in this regard,” the bank stated.

Riyad bank will transfer the redeemed amount, along with any periodic distribution amount, to sukuk-holders accounts on 11 November 2018 based on their respective sukuk holdings as of 1 November 2018.

Riyad Bank’s stock closed 2.4% higher on Tadawul at SAR 16.96.

All Rights Reserved - Mubasher Info © 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.