Riyad Bank announces completion of issuance of dollar-denominated capital sukuk

Riyad Bank announced on Sunday the successful completion of its U.S. dollar-denominated additional tier 1 capital sustainable sukuk issuance.

The bank confirmed that the offering raised $750 million, with a total program limit of $3.75 billion (based on the minimum subscription category and total issue size). The sukuk offers a fixed annual return of 5.50%.

This perpetual sukuk is callable after five years and may be redeemed under specific conditions outlined in the offering circular.

The sukuk will be listed on the London Stock Exchange’s International Securities Market and may be sold under Regulation S of the U.S. Securities Act of 1933.