Riyad Bank to issue additional Tier 1 capital sukuk denominated in Saudi riyals

Riyad Bank announced its intention to issue additional Tier 1 capital sukuk denominated in Saudi riyals (“the Sukuk”) through a private placement within the Kingdom (“the Potential Offering”) under its program for additional Tier 1 capital sukuk worth 10 billion riyals to enhance the bank’s capital base and for general banking purposes, indicating that it has appointed Riyad Capital Company as the sole lead manager in relation to the potential offering.

The bank’s management said in a statement today on “Tadawul” that the value and terms of the Sukuk offering will be determined at a later stage based on market conditions at that time, explaining that the potential offering is subject to the approval of the competent regulatory authorities and will be in accordance with the relevant rules and regulations.