Riyad Bank plans USD-denominated T2 capital sustainable notes

Amount and terms of Riyad Bank’s planned issue will be based on market conditions

Riyad Bank announced plans to issue USD-denominated, Tier 2 capital sustainable notes under its medium-term note program, established based on its board of directors’ resolution dated August 9, 2024, according to a statement to Tadawul.

The issuance of notes will be by way of an offer to eligible investors in Saudi Arabia and internationally.

The Saudi-listed bank mandated First Abu Dhabi Bank, Banco Bilbao Vizcaya Argentaria (BBVA), DBS Bank, Emirates NBD Capital, HSBC, Merrill Lynch Saudi Arabia, Mizuho International, Riyad Capital, SMBC Bank and Standard Chartered as joint lead managers in relation to the proposed offer.

The amount and terms of the issuance will be determined based on market conditions.

Proceeds from the offering are intended to be used in general banking purposes.

The offering remains subject to regulatory approvals and will be conducted in accordance with applicable laws and regulations.

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 notes, the bank stated.

The bank will announce any other relevant material developments in due course as required by the relevant rules and regulations, the statement added.