Riyad Bank begins offering additional capital bonds from first tranche denominated in Saudi riyals

Riyad Bank has announced on Thursday the start of offering additional tranche 1 capital sukuk denominated in Saudi riyals, where the value and terms of the sukuk offering will be determined based on market conditions.
The bank’s management said in a statement on Tadawul on Thursday that the start date of the offering will be 09-08-2022, while the end date of the offering will be 31.12.2022.
It clarified that the target group of the issuance is: institutional clients who are qualified in accordance with sub-paragraph (1) of paragraph (a) of Article 8 Offering of Securities and Continuing Obligations issued by the Capital Market Authority.
The Bank has mandated Riyad Capital as the Sole Lead Manager and Bookrunner.
It was decided that the minimum subscription would be SR250,000, with a nominal value of SR250,000.
It added that the amount and terms of offer of the Sukuk will be determined subject to the market conditions.
This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. The Bank will announce any other relevant material developments in due course as required by the relevant rules and regulations.
This comes with reference to the announcement made by Riyad Bank (the “Bank”) published on the website of the Saudi Exchange Company (Tadawul) on 07.09.2022, relating to the Bank’s intention to issue a Saudi Riyal (“SR”)-denominated Additional Tier 1 capital Sukuk (the “Sukuk”) by way of a private placement in the Kingdom of Saudi Arabia, the Bank would like to announce the commencement of the offer of the Sukuk.