Riyad Bank Fully Redeems $1.5 Billion Tier 2 Bonds

Riyad Bank (RIBL) announced on Wednesday the fully redemption of $1,5 billion Tier 2 fixed-rate bonds due in 2030, indicating that the total number (of sukuk/bonds) redeemed is 7,500 (based on the minimum value and total size).

The Bank’s management stated today in a statement on “Tadawul” that the nominal value of the instrument upon redemption is $200,000, adding that the financial impact of redeeming the instruments will come into effect in the Bank’s financial statements for the first quarter of 2025.

This comes in reference to the Bank’s announcement published on the website of the Saudi Stock Exchange (Tadawul) on Jan. 09, 2025), regarding the Bank’s redemption of tier 2 bonds with a fixed rate of $1,5 billion and due in 2030 (“Sukuk”), at their full nominal value (100% of the issue price) by the end of year five (Feb. 25, 2025).