Riyad Bank Plans to Issue U.S. Dollar Denominated Sustainable Additional Capital Sukuk

Riyad Bank announced on Tuesday its intention to issue U.S. dollar denominated additional tier 1 capital sustainable sukuk (the “Sukuk”) under its international additional Tier 1 capital Sukuk programme established by the bank on Sep. 10, 2024, based on the Board of Directors’ Resolution dated August 19, 2024.

The Bank’s Management stated that the Sukuk are expected to be issued through a special purpose vehicle and offered to eligible investors inside and outside the Kingdom of Saudi Arabia (“Proposed Offer”). The Bank has mandated HSBC Bank plc, Kamco Investment Company K.S.C.P., Merrill Lynch International, Mizuho International plc, Morgan Stanley & Co. International plc, Riyad Capital, SMBC Nikko Capital Markets Limited, Standard Chartered Bank, and Warba Bank K.S.C.P. as Joint Lead Managers and Bookrunners in relation to the Proposed Offer.

The management explained that the offer of the Sukuk is subject to the approval of the relevant regulatory authorities and will be made in compliance with the applicable laws and regulations.

It is noted that this announcement does not constitute 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 material developments in due course in accordance with the relevant laws and regulations